Californians should purchase flood insurance, says FEMA

flood insurance bill

The Federal Emergency Management Agency says residents of the state need the coverage ahead of El Nino this winter. Officials from FEMA have been urging residents of California to buy flood insurance to cover their homes against damage from rising waters that are very likely in some areas this winter as it is predicted that there will be a strong El Nino. FEMA is advising Californians to purchase these policies regardless of whether they are in the highest risk areas. In fact, the recommendation for purchasing flood insurance has been…

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Typhoon Usagi Heads Toward Taiwan and China: AIR Worldwide

Typhoon Sanba

According to catastrophe modeling firm AIR Worldwide, Typhoon Usagi, a Category 3 storm with maximum sustained winds of 204 km/h (10 minute wind speed as reported by the Japan Meteorological Agency), is expected to strengthen over the coming days and could become the first Category 5 storm of 2013. The storm is currently located several hundred miles off the coasts of both the northern Philippine island of Luzon and Taiwan and is gathering strength as it moves northwest. Usagi, which is called Odette in the Philippines, is expected to deliver…

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Flood insurance purchased unnecessarily due to faulty FEMA zone maps

Flood Insurance

Homeowners have been purchasing the expensive coverage that they don’t actually required due to mapping errors. The maps that have been issued by the Federal Emergency Management Agency (FEMA) and which are being used by insurers and homeowners in order to decide who is required to purchase flood insurance have been found to be riddled with errors that are now causing individuals who are at no real risk of flooding to have to buy. This coverage is required by many mortgage lenders for properties designated to be at a flooding…

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Flood insurance friendly changes made to New Jersey city

Flood Insurance News

Sea Isle City has now been recognized by FEMA reps which have granted it a new Class 6 status. Last week, Federal Emergency Management Agency (FEMA) representatives went to Sea Isle City, which has now received a plaque from the agency to recognize the changes that they have made, as well as their new “Class 6” designation within the Community Rating System (CRS) from the National Flood Insurance Program (NFIP). The city officially received its Class 6 status in October after several initiatives were put into place. Those efforts include…

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Thai floods: One year later

Thailand Floods 2011

Lloyd’s of London analysts examine impact of Thai floods Just over a year ago, severe flooding in Thailand caused by a powerful and unforgiving monsoon season caused havoc in Bangkok and other cities throughout the country. Analysts from Lloyd’s of London have come together to examine the effects that the Thai floods had on the insurance industry and the country. The floods produced some $45.7 billion in damages, $12 billion of which was shouldered by insurance and reinsurance companies that operate in the country. Lloyd’s of London itself accounted for…

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AIR Worldwide Launches Multiple Peril Crop Insurance Model for China

Catastrophe risk modeling firm AIR Worldwide (AIR) released the industry’s first Multiple Peril Crop Insurance (MPCI) Model for China. The new model provides a fully probabilistic approach for determining the likelihood of losses to the country’s major crops: corn, cotton, rapeseed, rice, soybeans, and wheat. The model captures the significant effects that weather-related perils have on each crop during the growth stage. This detailed information will help companies better prepare for and understand the exposure they carry based on China’s specific insurance programs, which tend to vary by province. “China…

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Major flood risk areas in U.S.

U.S. and state officials from the Midwest are making preparations for possible floods that might happen during the spring along identified areas particularly those that are near the Red Rive and Mississippi River. These are the areas that are of the greatest risks for encountering the floods. The areas that are affected during the floods are among the top crop producers of the country. The states of Illinois and Iowa are leading exporters of corn and soybeans, while Minnesota and North Dakota are top producers of spring wheat and durum.…

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