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Insurance - US

This group focuses on the insurance industry's response to the increasing number of natural events and how this response impacts Americans.

Members

mdmcdonald WDS1200-Columbus

Email address for group

insurance-us@m.resiliencesystem.org

Credit Rating Firm Warns New Orleans, Coastal Cities to Prepare for Climate Change

           

An aerial view of the Industrial Canal after its levee failed during Hurricane Katrina. (NOLA.com | The Times-Picayune file photo)

nola.com - by Tristan Baurick - December 11, 2017

One of the country's largest credit rating agencies has put New Orleans and other coastal cities on notice: prepare for the effects of climate change or risk a hit on your credit score.

In a new report, Moody's Investors Service warned that it will evaluate efforts to adapt to sea level rise, flooding, severe storms and other impacts from rising global temperatures when setting its ratings for loans and bonds. The report mentions New Orleans and Louisiana several times as high risk areas.

(READ COMPLETE ARTICLE)

 

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New Orleans Area's Upgraded Levees Not Enough for Next 'Katrina,' Engineers Say

      

The Lake Borgne Surge Barrier, which rises 26 feet above sea level, is designed to be overtopped by storm surges created by a hurricane with a 1 percent chance of occurring in any year, the so-called 100-year storm, hits the area. The overtopping water will be stored in the Gulf Intracoastal Waterway and the Industrial Canal in New Orleans. Larger storms will cause even more water to overtop the wall.

nola.com - by Mark Schleifstein - August 18, 2015

The rebuilt New Orleans area hurricane levee system remains inadequate to protect the heart of the nation's 45th largest metropolitan area from another Hurricane Katrina or larger storm, nationally-known engineers and scientists said almost a decade after the 2005 storm.

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Insurance companies now write Ebola exclusions into policies; offer Ebola-related products

HOMELAND SECURITY NEWS WIRE                Oct. 27, 2014

U.S. and British insurance companies have begun to write Ebola exclusions into their policies for hospitals, event organizers, airliners, and other businesses vulnerable to disruption from the disease.

As a result, new policies and renewals will become more expensive for firms looking to insure business travel to West Africa or to cover the risk of losses from Ebola-driven business interruptions (BI).The cost of insuring an event against Ebola, for example, would likely be triple the amount of normal cancellation insurance — if the venue was in a region not known to be affected by the virus.

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http://www.homelandsecuritynewswire.com/dr20141027-insurance-companies-now-write-ebola-exclusions-into-policies-offer-ebolarelated-products

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New Jersey's Handling of Superstorm Sandy Funds Questioned

      

New Jersey Gov. Chris Christie takes questions at a town hall meeting last week in Toms River, N.J. “I never promised you, nor would I, that this was going to be mistake-free,” he said of delivering aid after Superstorm Sandy. (Mel Evans / Associated Press / March 4, 2014)

With many homeowners still waiting for help, officials including Gov. Chris Christie – already battered by the George Washington Bridge scandal – have been accused of incompetence or even favoritism in delivering federal recovery money.

latimes.com - by Joseph Tanfani - March 12, 2014

POMONA, N.J. — His state wrecked and reeling from Superstorm Sandy, Chris Christie made himself the face of New Jersey's comeback effort with a take-charge tour de force that became a cornerstone of an expected run for president.

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Key Senate Vote on Flood Insurance Rate Delay Pushed to Next Week

insurancejournal.com - by Andrew G. Simpson - January 7, 2014

The U.S. Senate is expected to take a key vote soon on a bill that would delay some of the flood insurance rate hikes triggered by the Biggert-Waters Flood Insurance Reform Act of 2012. . .

. . . The procedural vote on S.1846 was originally planned for Wednesday, but the Senate is still dealing with an extension of federal unemployment benefits, delaying consideration of the flood bill. U.S. Sen. Mary Landrieu (D-La.), a major advocate for the bill, told USA Today that  “next week is more realistic” for any vote on the flood bill.

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Fed Flood Maps Left NY Unprepared for Sandy — and FEMA Knew It

Flooding in Red Hook, Brooklyn after Sandy (Flickr/gunnicool)

The agency ignored state and city officials' appeals to update the maps with better data until it was too late.

wnyc.org - December 6, 2013
by Al Shaw : ProPublica / Theodoric Meyer : ProPublica / Christie Thompson : ProPublica

When Patrice and Philip Morgan bought a house near the ocean in Brooklyn, they were not particularly worried about the threat of flooding.

Federal maps showed their home was outside the area at a high risk of flood damage. . .

. . . But the maps drawn up by the Federal Emergency Management Agency were wrong. And government officials knew it.

(READ COMPLETE ARTICLE)

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The Hard Math of Flood Insurance in a Warming World

      

A man walks through flooded streets in Hoboken, New Jersey, after Superstorm Sandy | Emile Wamsteker/Bloomberg via Getty Images

As subsidized rates of federal flood insurance rise, property owners along the coasts get angry. But we need insurance that reflects the risks of a changing planet

time.com - by Bryan Walsh - October 1, 2013

Thousands of homeowners in flood-prone parts of the country are going to be in for a rude awakening.  On Oct. 1, new changes to the National Flood Insurance Program (NFIP), which offers government-subsidized policies for households and businesses threatened by floods, mean that businesses in flood zones and homes that have been severely or repeatedly flooded will start going up 25% a year until rates reach levels that would reflect the actual risk from flooding. (Higher rates for second or vacation homes went into effect at the start of 2013.) That means that property owners in flood-prone areas who might have once been paying around $500 a year—rates that were well below what the market would charge, given the threat from flooding—will go up by thousands of dollars over the next decade.

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Reinsurance Association of America's Senate Testimony on Climate Change

On July 18, 2013, Frank Nutter, President of the Reinsurance Association of America, testified before the Senate Committee on Environment Protection and Public Works as to the RAAs perspective on weather and climate-related impacts in the United States.

 

Following are excerpts from his report:

"In the 1980’s, the average number of natural catastrophes globally was 400 events per year. In recent years, the average is 1000. Munich Re’s analysis suggests the increase is driven almost entirely by weather-related events. North America has seen a fivefold increase in the number of such events since 1980. In comparison, Europe has seen a twofold increase.

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