Live Insurance News

Flood Re plan find difficulty in the UK

November 26, 2012November 26, 2012 Dan

UK Flood homeowners Insurance companies Flood Re Plan

Flood Re aims to replace existing flood insurance subsidy A flood insurance plan in the United Kingdom is in threat of falling through because of the government’s refusal to provide a financial backstop. The plan, called Flood Re, is meant to provide flood insurance coverage to homes and properties in high risk areas in the UK. The plan is meant to replace a subsidy that provides flood insurance coverage to consumers in high risk areas, which is scheduled to expire in July 2012. If the subsidy expires, more than 200,000…

Insurance news in Scotland looks rough for victims of floods

November 26, 2012November 24, 2012 Julie Campbell

More families could be left without homeowners coverage after another week of flooding. The latest insurance news from Scotland has shown that the industry and the country’s government are struggling to come up with a deal that will cover the risk of flooding for many homeowners across the country, which could mean that a larger number of households will lose their coverage. The homes that are located within areas of a heightened risk of flooding are currently protected. That protection comes in the form of an agreement which has been…

Flood insurance program bailout in front of Congress soon

November 24, 2012April 30, 2013

As the claims from Sandy continue pouring in, the troubled federal program is about to face important decisions. The National Flood Insurance Program, the only federal coverage against flooding in the United States, will face an estimated additional $6 to $12 billion in claims as a result of Hurricane Sandy, said the Federal Emergency Management Agency (FEMA). The program can only borrow $2.9 billion more, after racking up an $18 billion debt from Katrina in 2005. Flood insurance news reports from the deputy associate administrator for federal insurance at FEMA,…

National Flood Insurance Program may be ready for a bailout

November 16, 2012November 15, 2012 Dan

FEMA weighs bailout option for National Flood Insurance Program Though Hurricane Sandy has passed, the Federal Emergency Management Agency (FEMA) is still in the throes of managing the impact of the natural disaster. One of the most significant problems facing the industry in the wake of the powerful storm is the damage it has done through flooding. Floods fall squarely in the realm of the National Flood Insurance Program, a federal insurance provider that accounts for the vast majority of the country’s flood insurance policies. FEMA may be pressured to…

National Flood Insurance Program takes limelight in wake of Sandy

November 6, 2012November 5, 2012 S.Vagus

National Flood Insurance Program could be in bad position to deal with Hurricane Sandy The National Flood Insurance Program is being put to the test in the wake of Hurricane Sandy. The federal program is responsible for the majority of flood insurance policies in the U.S., but has been facing extreme financial problems that could threaten its ability to pay claims. The program is currently crippled by massive debt and federal lawmakers have been unable to solve the problems facing the program. Now, the impact of Hurricane Sandy is finally…