Wright National Flood Insurance Co. said it will acquire the current flood insurance book of business from Westfield Insurance Co. and will service, administer and issue flood coverage under the National Flood Insurance Program for Westfield policyholders and agents going …
A new report estimates that U.S. businesses could spend about $13.5 billion in 2022 to repair or replace flood-damaged commercial buildings. The same report finds that businesses could lose more than 3.1 million days of operation from flooding next year. …
U.S. senators from coastal states are predicting “an actuarial disaster” in the future once FEMA’s new flood insurance rating systems goes into full swing. In a press call on Sept. 30, Louisiana Sen. Bill Cassidy and New Jersey Sen. Bob …
The Michigan Department of Insurance and Financial Services (DIFS) said the National Flood Insurance Program (NFIP) estimates that under its new rating system more than 52% of Michigan flood insurance policies will see immediate savings once the program begins. The …
The federal government Friday rolled out a flood-insurance program revamped to reflect worsening climate change, a program that will raise rates for millions of homeowners in wealthy coastal areas and humble inland communities alike. The Federal Emergency Management Agency in …
As Democrats and Republicans in Washington continue to haggle over government debt and spending, federal flood insurance is among the programs facing disruption. Without renewed funding, a government shutdown would begin after the end of the fiscal year tomorrow, Sept. …
The country’s flood insurance market is slowly transitioning toward private insurers providing additional options to the federal government’s program for those seeking coverage, according to a new AM Best report. But private sector carriers are being selective, tending to avoid …
The Tennessee Department of Commerce & Insurance (TDCI) is raising awareness of recent changes to the National Flood Insurance Program (NFIP) that it says will raise flood insurance premiums for some Tennessee flood insurance consumers while for others, premiums will …
Allstate Corp. wants to buy more independent insurance agencies this year to build the business it acquired with its purchase of National General, Allstate Chief Executive Tom Wilson told Reuters on Wednesday. But the agents will be there to talk …
Florida has 90,000 private flood insurance policies in force now– a 300% increase since passing legislation to encourage private insurers to offer the coverage in 2014, according to Florida Insurance Commissioner David Altmaier. Noting there are 5 million properties in …
