Disaster recovery

A senior advisor at NAIC, the association of state insurance regulators, told attendees of its fall meeting that the imminent FEMA Review Council report should answer questions about funding for disaster relief and flood insurance, as well as other related issues.

Budget cuts at the federal disaster agency are forcing insurance carriers to rethink underwriting, reinsurance, and catastrophe modeling, and pivot accordingly.

The legislature, which returns to respond to recent floods, could also take up bills to curb local property taxes, including bills aimed at bond issuance.

Contingency plans should address protecting documents, establishing communications and ensuring the security of physical office locations.

"We want to wean off of FEMA, and we want to bring it down to the state level," Trump told reporters on June 10 during a briefing in the Oval Office.

With the uncertain status of the federal disaster response agency and NOAA climate and weather forecasting and research, NAIC hears about how disaster relief could depend on volunteer organizations, and difficulty getting storm and climate predictions.

A bill would allow homeowners to receive the interest accrued on insurance payments for lost or damaged property, rather than lenders.

Companies like healthcare platform Sesame and others are launching dedicated efforts to provide victims of the California wildfires with vital resources.

Bankers are putting pre-established action plans for disaster recovery into motion as wildfires in Los Angeles sweep across the region.

Recap the breach impacting more than 800,000 Liberty Bankers Insurance Group policyholders, spiking collision claims for battery electric vehicles and more.

Fear and a lack of information can be key contributors to a keeping policyholders underinsured.

Now weakened to a tropical depression, Francine will continue to travel inland in the southeastern U.S.

The Florida Insurance Guaranty Association is getting ready to head back to the market next week with a variable-rate bond deal after successfully selling fixed-rate bonds last week to help fund claims from insolvent insurance companies.

The Homeowner Flood Insurance Transparency and Protection Act would temporarily give consumers with higher rates the option to revert to previous lower pricing.

Claims from a more recent storm that caused some overlapping property damage are also mounting, according to the Federal Emergency Management Agency.

Regions and PNC are two banks that have expanded the use of their mobile branches in recent years.

Wind and storm surge damage to residential and commercial properties could reach $47 billion, according to a CoreLogic analysis.

The total losses and physical damages were estimated to cost $343 billion, well below the peak loss year in 2011 of $615 billion, however the 2021 losses, compared to 2011-2020 were about 4% higher than the average of $271 billion, according to the 2021 Weather, Climate and Catastrophe Insight report.

Breakthroughs in AI over the past decade mean we can now use it to train computer vision algorithms to perform visual tasks as accurately or more than humans. Smartphones can be turned into visual experts in your pocket, which can appraise some aspects of the environment better than people.

Consumers getting policies from the California FAIR Plan climbed about 25% in 2020, according to data from the state’s insurance department. That was due to increases in both new policies and renewed ones.