Flood insurance

First Street estimates that 39 million U.S. homes are insured at artificially suppressed prices compared with the risk they actually face. Of those, nearly 6.8 million homes are covered by state-backed "insurer of last resort" policies.

Reeling from four hurricanes in 2020 and 2021 that caused $23 billion in damage, the state is undergoing an insurance calamity that is harming its economy and even reducing its population.

The gap highlights the problem of under-insurance in a state that's the nation's fastest growing and also one of the most vulnerable to impacts of climate change, and where the insurance industry is already under strain.

The Fed said on Tuesday that Birmingham, Alabama-based Regions failed to properly monitor home equity loans and lines of credit, in part because of changes in servicing platforms.

The growth in market share comes as the national insurance program has instituted a risk-based pricing regime that's led to some fluctuation in rates.

Biodiversity — including pollinating bees, marine life, rainforests and agricultural soil — is declining at an unprecedented rate as a result of exploitation, land-use change, pollution and extreme weather.

The first and fourth-largest home insurers in the Golden State won't issue new policies because of rising construction costs and exposure to catastrophes.

For insurance companies, the impacts of biodiversity loss could translate into growing underwriting risks, notably for insurance lines such as flood, crop, liability, life and health.

AVP Bret Martin talks about how digital transformation is changing risk management.

Hurricane Ian damages under investigation in Florida bring attention to ways to protect adjuster reporting

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

Climate impacts are also making it more expensive to insure homes against these threats.

In other news: Betterview partners with Carpe Data; 101 Weston Labs opens accelerator applications; Openly teams up with Antigem.

Using machine learning technology, the solution analyzes property features and flood risk information.

The discrepancy in value was particularly significant in counties along the coasts in places where disclosure of flood risk isn't required in real estate transactions, according to a report published Thursday in the journal Nature Climate Change.

The National Flood Insurance Program is a primary source of flood insurance but Risk Rating 2.0, could change that.

Among the special session charges: "Improve the financial stability of the Citizens Property Insurance Corporation," Florida's bond-funded insurer of last resort.

There's a growing collective effort by national regulators, state governments, insurers and banks to address impacts of a warming planet.

Startup Centinel building a new parametric insurance service that automates claims

The change, effective Dec. 21, is being put into place two years after it was first proposed.