The House of Representatives on Tuesday voted 237-189 to pass the 21st Century Flood Reform Act (H.R. 2874) – a package of seven bills that reauthorizes the National Flood Insurance Program (NFIP) until 2022 and introduces various reforms. The fate …
The latest attempt to overhaul the U.S. federal flood insurance program hit a stumbling block, but a coalition of business and environmental groups renewed its push on Wednesday for lawmakers to enact an overhaul before the program expires on Dec. …
Prospect General Insurance Agency has expanded its admitted residential flood insurance product, Flood Guard, into Arizona. Flood Guard provides residential flood coverage and is an alternative to the National Flood Insurance Program (NFIP). Through its rating algorithm and online platform, …
Bermuda-based reinsurer Hiscox Re, along with insurance linked securities investors (ILS), has launched a flood insurance product for personal lines insurers to sell in the U.S. The turnkey flood insurance product, named FloodXtra, is designed to take advantage of the …
The U.S. National Flood Insurance Program, struggling with the costs of this year’s record hurricane season, will run out of money as early as Oct. 23 unless Congress takes action. The Federal Emergency Management Agency, which runs the taxpayer-subsidized flood …
The Trump administration last week asked Congress for $29 billion in disaster aid to cover ongoing hurricane relief and recovery efforts and to pay federal flood insurance claims. The request comes as the government is spending almost $200 million a …
Beginning with Hurricane Harvey, the private sector Property Claim Services will publish aggregate flood loss information supplied by the federal government’s National Flood Insurance Program (NFIP). Historically, NFIP losses have been excluded from PCS’s industry insured loss estimates. With this …
The Trump administration on Wednesday asked U.S. lawmakers to approve $29 billion in disaster relief funds to assist victims of recent hurricanes that hit Texas, Florida and Puerto Rico. The aid request includes $12.8 billion in new funds to help …
As Congress continues to struggle with health insurance reform, members should be ruminating on the scenes of “recovery” beaming in from East Texas and Florida, where the majority of households — many now severely damaged or destroyed — had not …
Boston-based catastrophe modeling firm AIR Worldwide has estimated property losses from the flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between $65 billion and $75 billion. These figures include damage to all properties eligible for coverage regardless …
