Tag: flood insurance industry

Flood insurance program in UK is potentially inadequate

G. Turner
UK Flood homeowners insurance program

According to a recent study, the new plans from the government underestimate the risk and its associated cost. Researchers have been analyzing the data from the newly created flood insurance program from the government of the United Kingdom and are predicting that it will fall short because it has underestimated the number of properties that are at risk of rising waters as a result of climate change. The study proposes that climate change will vastly increase the number of properties at risk of flooding. The research was conducted by a…

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Flood insurance gaining more attention in UK

Nordstrom
Flood Insurance

Storms again thrust flood insurance into the limelight British insurance companies continue to clash with the government as floods throughout the United Kingdom continue to draw attention to the need for a comprehensive flood insurance plan. Insurers have been backing the Flood Re program for the some, which aims to provide coverage for some 200,000 consumers that could lose coverage if the insurance agreement currently in place is allowed to expire. Flood Re is meant to replace this agreement, but the government continues to show concern over the financial prospects…

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Consumer advocates encourage president Obama to speak out on NFIP during State of the Union address

S.Vagus

President Obama will be delivering the annual State of the Union address this week on the 24th of January. In the past, the president has used this occasion to highlight some of the major issues that have put the nation on edge. He has also outlined plans legislators have come up with to fix a number of these problems. This year, consumer advocates from SmarterSafer.org are urging the president to make a statement regarding the state of the National Flood Insurance Program (NFIP). Thousands of people get their flood insurance…

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“Superstorm” strikes Alaska – Severe damage from wind and floods expected by insurers

Marc

The National Weather Service has issued a warning to Alaska for what it is calling “The Bering Sea Superstorm” The storm made landfall in the Western parts of the state earlier today, bringing powerful waves and hurricane-force winds. The National Weather Service fears that the storm may cause extensive damage to coastal properties as well as power outages throughout the state. Alaska’s insurance industry will likely be busy for the remainder of the year as it attempts to recover from the event. According to the NWS, winds of 89mph and…

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PRESS RELEASE: Smartersafer.org Urges Congressional Supercommittee to Save Taxpayer Dollars by Reforming NFIP

Guest Author

WASHINGTON ‒ In a letter to Senator Patty Murray (D-WA) and Representative Jeb Hensarling (R-TX), SmarterSafer.org urged the Joint Select Committee on Deficit Reduction to protect taxpayers and reduce inefficient federal spending by reforming the National Flood Insurance Program (NFIP). Murray and Hensarling are co-chairs on the committee, which is charged with finding federal deficit reduction measures. “Our diverse coalition believes that Congress could protect taxpayers and reduce inefficient federal spending by reforming NFIP,” said SmarterSafer.org in the letter. “For over 40 years, the federal government, through NFIP, has provided…

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Floods in Thailand claim hundreds of lives and displace thousands more

H. Cutner

Devastating floods struck Thailand last week and threatened to cause catastrophic damage to the nation’s capital, Bangkok. The floods are the result of heavy rainfall and violent storms that have been occurring throughout the country and in neighboring Myanmar. The recent floods are the worst the country has experienced in over 50 years and have killed more than 350 people thus far. Thousands more have been displaced as the relatively few insurance organizations operating in Thailand attempt to mitigate the disaster. The Thai government, led by Prime Minister Yingluck Shinawatra,…

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Flood insurance companies prepare for a potentially disastrous summer

S.Vagus

The National Oceanic and Atmospheric Administration’s National Weather Service announced last week that this summer’s flooding season may be the worst on record. Both the Mississippi and Missouri Rivers are currently overrunning their banks, inundating much of their surrounding areas with water. There are also several other, smaller rivers , that are also flowing over as well. Some have served as emergency spillovers for larger rivers, but none have been able to stem the flow of the water. Much of the flooding is due to storms far to the north,…

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