October 16, 2017
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 …
October 5, 2017
President Donald Trump proposed ending federal flood insurance for new homes in areas most at risk of flooding, a change that could curtail new construction in vast parts of Florida, Louisiana and along the Eastern Seaboard. Trump’s plan would radically …
September 29, 2017
Not long after the House passed legislation that included a provision to allow private flood insurance policies to satisfy flood coverage requirements, the Senate sidetracked the flood policy measure. The flood insurance policy provision (known as Ross-Castor) was inserted in …
June 26, 2017
As Congress tries to figure out how to change the federal flood insurance program to encourage more private insurer involvement, one insurer isn’t waiting to wade deeper into the private flood insurance business. Florida-based HCI Group is looking to take …
April 20, 2017
As Congress considers reauthorization of the National Flood Insurance Program (NFIP), it should take into account specific insurance market, technological advances and other developments in weighing its options, according to the nation’s actuaries. A new report, “National Flood Insurance Program: …
February 14, 2017
Palomar Specialty Insurance Co. has launched Flood Guard, a private flood program in California that uses an advanced and granular proprietary rating system. Palomar used catastrophe modeling firm AIR Worldwide’s probabilistic flood model for the United States in its rate …
February 1, 2017
A U.S. flood insurance program that is drowning in billions of dollars in debt can be modernized to bolster its finances while curbing the public’s exposure to flood risks, a national coalition said in a reform proposal unveiled on Wednesday. …
December 16, 2016
Before McCarty announced his decision to leave office, he initiated dialogue with the Federal Emergency Management Agency (FEMA) over the National Flood Insurance Program’s rate making. Citing the fact that the flood insurance rates Floridians pay are the highest in …
December 8, 2016
The Pennsylvania Insurance Department has a plan to continue furthering its initiatives within the private flood insurance market in 2017. This comes after the North Central part of the state of Pennsylvania saw flooding in many areas outside of identified …
September 8, 2016
Coastal American Insurance Co. has introduced a combined wind and flood insurance policy for policyholders in Mississippi. The new private flood endorsement is designed to eliminate disputes over concurrent causation, which often arise when storms hit coastal areas coverage according …