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Don’t Forget About Flood Insurance

July 5, 2014July 4, 2014 Note From The Editor

coastal flood property insurance north carolina

The Atlantic hurricane season has arrived and that means people may need to consider ways to protect themselves. This year’s hurricane season has already been somewhat active, but no devastating storms have yet struck the U.S. This does not mean that the country is safe from such disasters, only that one hasn’t showed up yet. It is impossible to tell when or where a powerful hurricane will form, so it may be a good idea to get a better understanding of flood insurance. One of the defining aspects of hurricanes…

The Insurance Industry and Climate Change

May 17, 2014May 16, 2014 Note From The Editor

Climate Change Insurance agents Industry

Climate change does not escape the notice of insurers Climate change is a controversial issue, but not so controversial that the insurance industry would avoid it. Indeed, many insurance groups around the world are beginning to consider climate change a very serious problem that should receive equally serious attention. While climate change has become heavily politicized, the insurance industry is keen to remain somewhat neutral on the matter, suggesting that the potential damages that can be associated with climate change are a more important subject than the cause of climate…

Lloyd’s of London calls the insurance industry to action on climate change

May 14, 2014May 12, 2014 Nordstrom

Lloyd’s insurance claims - Home office building

Climate change may need more attention from the insurance industry Lloyd’s of London, one of the largest insurance companies in the world, has released a new report titled “Catastrophe Modeling and Climate Change.” The issue of climate change has been steeped in controversy for some time. There are those that suggest that climate change is little more than an exaggeration of a natural process that has been occurring for millennia. Others suggest that if climate change continues to occur unabated, the human species may be faced with the very real…

Flood insurance deadline extended by FEMA

May 2, 2014April 30, 2014 G. Turner

This means that victims of Superstorm Sandy will have another 6 months to submit their paperwork. For most of the people across the country, Superstorm Sandy is nothing more than a bad memory, but for many homeowners who have yet to be compensated by flood insurance, it is a nightmare that feels like it will never end. FEMA is now trying to express its understanding of the situation of homeowners who were victims of Sandy. Though it may have been quite some time ago, the flood insurance claims continue to…

New Jersey residents continue to struggle with flood insurance

May 1, 2014April 28, 2014 S.Vagus

Flood Insurance Hurricane Sandy Jersey Shore

Close to 1000 homeowners file lawsuits against insurance providers Nearly 1,000 New Jersey residents that fell victim to 2012’s Hurricane Sandy have filed lawsuits against their flood insurance providers. In the U.S., flood protection is handled through the National Flood Insurance Program. The federal program exists as the only place for homeowners to find flood protection in the country, but the program itself is not responsible for the creation of the policies that it offers. Private insurers may not be offering flood protection outside of the federal program, but they…

Flood insurance companies sued by almost 1,000 Sandy victims in New Jersey

April 30, 2014April 28, 2014 H. Cutner

Hurricane Sandy Damage flood Insurance surcharge

Lawsuits have been filed by hundreds of homeowners in the state since late last year. According to a recent report based on data from the U.S. District Court Clerk’s Office, close to 1,000 victims of Hurricane Sandy have filed lawsuits against their flood insurance companies since late in 2013. The same report claims that the number of lawsuits will likely double within the next 12 months. The data showed that in New Jersey, there had been 974 flood insurance lawsuits filed, by the time the report was released. That said,…

Insurance industry sees a decline in insured losses in 2013

March 31, 2014March 29, 2014 S.Vagus

Swiss Re report shows that insured losses in 2013 were lower than what they were in 2012 Swiss Re, a leading reinsurance firm, has announced that the global insurance industry has seen losses from natural disasters and man-made catastrophes fall by 44% in 2013. A calm hurricane season help insurers avoid significant losses, but powerful storms in Europe had a significant impact on the insurance industry. Despite this impact, however, insured losses industry-wide were less than what had been seen in 2012. As such, the insurance industry is expected to…