Tag: natural disasters

Flood Insurance is a Problem in the U.S.

Note From The Editor
flood insurance residential homeowners

Flood insurance remains a problematic issue that relatively few people are paying attention to in the United States. For homeowners, this type of insurance coverage comes from the federal government, issued through the National Flood Insurance Program (NFIP). This program is managed by the Federal Emergency Management Agency. NFIP is typically the only place to find flood protection, but the program is suffering from crippling debt and management issues that make it less than ideal for those wanting to be protected from natural disasters. An estimated 20% of homeowners throughout…

Read More

Earthquake insurance losses from Napa Valley could break the $1 billion mark

Julie Campbell
San Andreas Fault Line California earthquake insurance

The stunning wine region of California was, however, saved from extreme levels of damage from the quake. The quake that shook California’s prestigious Napa Valley region at a magnitude of 6.0, just over a week ago, is now estimated to have caused damages covered by earthquake insurance that could reach up to $1 billion. The damage in the region was centered in the actual Napa city, which essentially spared the nearby wineries. In fact, the majority of the wineries and vineyards were able to continue to operate as usual despite…

Read More

Insurance industry may see more losses due to earthquakes

S.Vagus
Oklahoma earthquake insurance coverage

New report highlights the growing risks associated with earthquakes The Insurance Information Institute has released a report predicting that losses associated with earthquakes will continue to rise in the U.S. There are many factors contributing to growing losses, including a higher degree of urban development in areas of the country that are seismically active. Older buildings are also exposed to earthquake damage due to the fact that they do not comply with current building codes. This factors are driving up the financial burden that earthquakes represent for the insurance industry.…

Read More

Understanding Natural Disasters and the Insurance Industry

Note From The Editor
risk industry cyber insurance

Natural disasters are an inherent part of the insurance industry. They are a problem that the industry has been fighting for as long as it has existed, and the battle is fraught with conflicts that insurers often lose. There is no such thing as absolute protection from natural disasters. Floods will cause damage despite the best efforts made to keep waters at bay, earthquakes will shake buildings to rubble, and tornadoes will blow houses apart. The best that the insurance industry can do is offer aid for the recover from…

Read More

Software is making the insurance industry more efficient

S.Vagus
health Insurance Technology

Technology is becoming a powerful tool for insurance companies IBISWorld, a global business intelligent organization, has released a new report concerning the effect that new technology is having on claims processing in the U.S. Claims are nothing new for the industry, but how insurers deal with the claims they receive has been evolving rapidly over the years. As new technology becomes available, insurance companies are finding better ways to manage claims and process these claims at a more rapid pace. Insurers are also become more adept at weeding out fraudulent…

Read More