Live Insurance News

Flood insurance claims about to spike from massive Toronto flooding

July 12, 2013July 10, 2013 Julie Campbell

The IBC has already issued a warning to insurers of the area that there will be many filings. Following a tremendous sudden downpour in the city of Toronto in Canada, that flooded roadways, homes, businesses, subway stations, and even above ground trains, the Insurance Bureau of Canada (IBC) is warning insurers that the flood insurance claims will be many and costly. The city has never before in recorded history experienced a storm like the one that struck on Monday. In its history, only Hurricane Hazel, which struck in 1954, brought…

Flood insurance claims on their way to Canadian insurers

June 26, 2013June 24, 2013 Julie Campbell

The flooding in southern Alberta and the Calgary area may be among the most expensive natural disasters in the province. Residents and businesses in the Canadian province of Alberta are just starting to assess the damage from what is being called one of the worst natural disasters in the history of the area, and flood insurance companies are preparing for the massive influx of claims that are now on the way. The flooding that has been experienced in the region is entirely unprecedented, leaving insurers scrambling. It has been estimated…

Flood insurance claims will reach $4 billion in Germany

June 14, 2013June 12, 2013 H. Cutner

The waters of the Danube have now swelled outward to the point that they are headed for Serbia. The latest predictions have suggested that the damage that has occurred due to the rising floodwaters in Germany are likely to bring about flood insurance claims that will reach €3 billion (approximately $4 billion). This, according to a credit rating agency’s forecasts regarding the claims made from the water damage. Though the Elbe river’s levels appear to be stabilizing in the north of Germany, further to the south, the flood insurance issues…

Disaster in Germany draws attention to flood insurance

June 13, 2013June 12, 2013 S.Vagus

Flood insurance enters limelight in Germany Over the past week, Germany has fallen victim to a catastrophic flood that has caused a significant amount of damage in some parts of the country. The flood began at the Danube River, which is the second largest river in Europe, and several other rivers quickly began to overflow. Combined, these rivers contributed to one of the worst flood disasters in Germany’s history and have put a great deal of strain on the flood insurance sector within the country. German floods expected to have…

Flood insurance risk maps recreated by FEMA for Hampden County

May 14, 2013May 25, 2013 Julie Campbell

This will change the rates that are being paid by residents of the area whose condition has been altered. The federal government has now released the newly redrawn version of the flood insurance maps for Hampden County, Massachusetts, which will be required to be applied by communities on or before July 16 so that their residents will be eligible to take part in the national coverage program. Several properties have been affected by the new map, though the actual number has not yet been released. Communities are required to implement…