National Flood Insurance Program

FloodFlash Launches New Business Interruption Coverage Ahead of Hurricane Season

Retrieved on: 
Monday, April 15, 2024
Environment, Technology, Insurance, Finance, Fintech, Natural Disasters, Professional Services, Data Analytics, Data Management, IOT (Internet of Things), National Flood Insurance Program, Atlantic hurricane season, Hurricane season, Policy, Risk, NFIP

Ahead of the 2024 Atlantic hurricane season, FloodFlash, the first insurance technology company to offer sensor-enabled parametric flood insurance, is launching a product to support business interruption (BI) coverage in the United States.

Key Points: 
  • Ahead of the 2024 Atlantic hurricane season, FloodFlash, the first insurance technology company to offer sensor-enabled parametric flood insurance, is launching a product to support business interruption (BI) coverage in the United States.
  • With a widely predicted hyperactive hurricane season, many experts anticipate huge losses from property damage and BI that could devastate businesses and communities for months on end.
  • Flood BI has been created because many businesses and public entities are unable to get BI cover.
  • FloodFlash hopes to support the many organisations at risk of flooding, not just in the Gulf and Eastern seaboard, but across the US.

California’s Regulatory Restrictions Contribute to Risk Crisis

Retrieved on: 
Thursday, March 14, 2024
Public Policy, Government, Commercial Building & Real Estate, Construction & Property, Insurance, State, Local, Finance, Professional Services, Residential Building & Real Estate, California Department, Growth, Risk, Information International, Inc., River, Landslide, Proposition 103, National Flood Insurance Program, Earthquake

Trends and Insights: California’s Risk Crisis , examines this changing risk environment and the impact of Proposition 103 – a three-decades-old measure that has made it hard for insurers to profitably write coverage in the state.

Key Points: 
  • Trends and Insights: California’s Risk Crisis , examines this changing risk environment and the impact of Proposition 103 – a three-decades-old measure that has made it hard for insurers to profitably write coverage in the state.
  • In a dynamically evolving risk environment that includes earthquakes, drought, wildfire, landslides, and, in recent years, flooding due to “atmospheric rivers,” Proposition 103 and its regulatory implementation have prevented insurers from using the most current data and advanced modeling technologies.
  • Public discourse often frames the risk crisis as an “insurance crisis” – conflating cause with effect, Triple-I’s Issues Brief noted.
  • California’s Proposition 103 and the federal National Flood Insurance Program before its Risk Rating 2.0 reforms are just two examples, according to Triple-I.

Climate adaptation clearly reflected in Housing & Climate Task Force Blueprint

Retrieved on: 
Tuesday, March 5, 2024
Weather, Climate, Investment, Housing, Blueprint, Government, Carbon, Federation, Risk, Climate change, Community resilience, City, National Flood Insurance Program, NAS, Federal, Forestry

OTTAWA, ON, March 5, 2024 /CNW/ - In response to the Housing & Climate Task Force's release today of its Blueprint for More and Better Housing , Jason Clark, Chair, Climate Proof Canada, issued the following statement:

Key Points: 
  • OTTAWA, ON, March 5, 2024 /CNW/ - In response to the Housing & Climate Task Force's release today of its Blueprint for More and Better Housing , Jason Clark, Chair, Climate Proof Canada, issued the following statement:
    "Canada needs 5.8 million new homes by 2030 to restore housing affordability.
  • Climate Proof Canada is pleased that 18 of the recommendations from its National Climate Adaptation Summit were cited in the formation of the Blueprint.
  • One of the requirements of the National Adaptation Strategy (NAS) is that resilience must be incorporated into all infrastructure investments by 2024.
  • Climate Proof Canada urges the Federal Government to act on these critical Blueprint recommendations:
    1.

Commissioner Arnold Testifies on Behalf of NAIC at U.S. House Financial Services Subcommittee Hearing

Retrieved on: 
Friday, November 3, 2023
Minnesota Department of Commerce, General insurance, Policy, Parity, National Association of Insurance Commissioners, Committee, Congress, NAIC, National Flood Insurance Program, NFIP, Climate, House, Consumer, Hearing, Housing, Task force, National Association, Insurance

Testifying at a hearing on "The Factors Influencing the High Cost of Insurance for Consumers," Commissioner Arnold observed how state insurance regulators "have the capacity to respond swiftly and nimbly to market conditions" in each of their markets.

Key Points: 
  • Testifying at a hearing on "The Factors Influencing the High Cost of Insurance for Consumers," Commissioner Arnold observed how state insurance regulators "have the capacity to respond swiftly and nimbly to market conditions" in each of their markets.
  • In her companion written testimony, Commissioner Arnold discussed NAIC Members' work on two of the biggest challenges facing the insurance marketplace: natural catastrophes and emerging technologies.
  • "We are on the front lines assisting consumers with policy questions and talking to businesses about their concerns.
  • She also urged support for the bicameral, bipartisan Disaster Mitigation and Tax Parity Act of 2023 (S. 1953 / H.R.

Neptune Flood Crosses $200 Million of Premium in Force, Becomes Primary Alternative to NFIP

Retrieved on: 
Thursday, October 26, 2023
National Flood Insurance Program, Insurance, Insurance Institute of Canada, Snyder, Plymouth Rock, Swiss Re, FEMA, Information technology, NFIP, Mitsui Sumitomo Insurance Group, Fintech, Business, GuideOne Insurance, IBHS, Argo Group, Management, Financial adviser, Neptune, Orchid

ST PETERSBURG, Fla., Oct. 26, 2023 /PRNewswire/ -- Neptune Flood, the largest private provider of flood insurance in the United States, has crossed $200 million of premium in force and adds seven members to its newly formed advisory board, it was announced today by Trevor Burgess, CEO of Neptune Flood.

Key Points: 
  • Crossing $200 million of premium in force brings Neptune to over 5% of the National Flood Insurance Program's size, securing its role as the primary alternative to the NFIP.
  • The Neptune Flood Advisory Board Members are:
    Jim Albert: Co-founder of Neptune, served as the company's CEO through 2019, and held the role of Chairman from 2020 to early 2023.
  • Prior to Neptune, he held senior executive positions in insurance and information technology in the US and the UK.
  • Prior to IBHS Roy was at FEMA where he served as the chief executive of the National Flood Insurance Program (NFIP).

Pearl Holding Group Selects Verisk’s Data and Analytics to Streamline Independent Agent Auto Insurance Delivery

Retrieved on: 
Monday, October 23, 2023
Insurance, VRSK, Speed, MGA, Risk, Acquisition, PHG, National Flood Insurance Program, Economics, Verisk Analytics

JERSEY CITY, N.J., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Pearl Holding Group (PHG), a holding company and MGA for two nonstandard auto insurers is harnessing LightSpeed® from Verisk (Nasdaq: VRSK), a leading global data analytics provider, to help improve control and save money within its agent distribution channel.

Key Points: 
  • JERSEY CITY, N.J., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Pearl Holding Group (PHG), a holding company and MGA for two nonstandard auto insurers is harnessing LightSpeed® from Verisk (Nasdaq: VRSK), a leading global data analytics provider, to help improve control and save money within its agent distribution channel.
  • PHG provides affordable auto insurance to the nonstandard market using Verisk’s LightSpeed for Personal Auto .
  • By bringing pivotal underwriting analytics forward in a single data payload, LightSpeed can streamline workflows and help provide reliable quotes to consumers in seconds.
  • “PHG is driving auto insurance into the future.

Best’s Review® Releases Digital Supplement on Flood Insurance

Retrieved on: 
Wednesday, October 18, 2023
Insurance, Professional Services, AM Best, Congress, News, Research, Exercise, National Flood Insurance Program, NFIP, ALL, Film industry, Property insurance

Best's Review magazine has released a new online supplement focused on flood insurance.

Key Points: 
  • Best's Review magazine has released a new online supplement focused on flood insurance.
  • The supplement features stories on:
    The reformations to the National Flood Insurance Program and their effect on balancing books;
    A call from trade groups to Congress for support of the NFIP and private flood carriers;
    How reinsurance costs and Hurricane Ian drove insurtech from the Florida private flood market; and
    A lawsuit that says FEMA’s pricing methodology makes flood insurance “functionally unavailable” to many property owners and is an improper exercise of authority.
  • In addition to providing expert insight from industry leaders around the globe, the supplement includes companies writing U.S. private flood coverage from each state and the District of Columbia, listed by market share.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Best’s Commentary: Impact of US Government Shutdown on Insurance Industry Will Depend on Duration

Retrieved on: 
Thursday, September 28, 2023
Insurance, Professional Services, Federal Emergency Management Agency, AM Best, NFIP, ALL, National Flood Insurance Program, Council for Scientific and Industrial Research, Treasury, Congress, Federal Housing Administration, FEMA, News

Historically, government shutdowns have been relatively brief, with the resulting economic impact being minor.

Key Points: 
  • Historically, government shutdowns have been relatively brief, with the resulting economic impact being minor.
  • However, the Best’s Commentary, “Impact of US Government Shutdown on Insurance Industry Will Depend on Duration,” notes that the National Flood Insurance Program (NFIP), administered by the Federal Emergency Management Agency (FEMA), is up on Sept. 30.
  • “Closings on properties requiring flood insurance would be delayed, as would new Federal Housing Administration loans, which would impact property sales and purchases of property insurance and title insurance,” said Christopher Graham, senior industry analyst, Industry Research and Analytics, AM Best.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Neptune Flood Insurance Open for Business During Government Shutdown

Retrieved on: 
Wednesday, September 27, 2023
NFIP, National Flood Insurance Program, Policy, Multimedia, Country, Neptune, Government, National Association of Realtors, Congress, Running, FEMA, National Association, Property insurance, Insurance

ST PETERSBURG, Fla., Sept. 27, 2023 /PRNewswire/ -- Neptune Flood, the largest provider of flood insurance in the United States, will be open for business and continuing to write policies in 48 states plus Washington DC if the US Federal Government shuts down on September 30, 2023, halting the issuing and renew flood insurance policies issued by the National Flood Insurance Program (NFIP).

Key Points: 
  • Nation's Leading Private Flood Insurance Provider to Continue Writing New Policies During Government Shutdown, Enabling Continuation of Property Sales Across the Country
    ST PETERSBURG, Fla., Sept. 27, 2023 /PRNewswire/ -- Neptune Flood , the largest provider of flood insurance in the United States, will be open for business and continuing to write policies in 48 states plus Washington DC if the US Federal Government shuts down on September 30, 2023, halting the issuing and renew flood insurance policies issued by the National Flood Insurance Program (NFIP).
  • As Neptune is a private alternative to the NFIP, it is unaffected by the looming shutdown and can continue writing new flood insurance policies.
  • Neptune will be up and running through any shutdown, ready to write flood insurance across the United States."
  • Consumers with home closings or refinancing needing flood insurance can access Neptune at www.neptuneflood.com or via their local insurance agent.

Best’s Commentary: Florida Losses from Hurricane Idalia Are Unlikely To Match Hurricane Ian’s

Retrieved on: 
Friday, September 1, 2023
Banking, Professional Services, Insurance, Finance, Pressure, AM Best, ALL, National Flood Insurance Program, Hurricane Ian, Growth, News, Property insurance, Reinsurance

Hurricane Idalia appears to be an earnings event for insurers.

Key Points: 
  • Hurricane Idalia appears to be an earnings event for insurers.
  • However, it follows above average catastrophe losses in first half of 2023, mainly due to severe convective storms and secondary perils.
  • As a result, property insurers’ underwriting results for 2023 will be under pressure, according to the report.
  • The recent storm arrived with Florida’s property insurance market already contending with several challenges and growing more concentrated.