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Sat, 2013-10-05 16:16 — mdmcdonald
This group focuses on the insurance industry's response to the increasing number of natural events and how this response impacts Americans.

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

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FEMA Flood Maps Ignore Climate Change, and Homeowners Are Paying the Price

Sun, 2018-11-04 18:48 — Kathy Gilbeaux

           

The flood maps don’t factor in sea level rise or changes in extreme weather, and many are years out of date. In Mexico Beach, 'minimal-risk' homes were swept away.

insideclimatenews.org - by James Bruggers - November 1, 2018

The official map laid it out for more than 200 homes within the community of Mexico Beach, Florida: the federal government had characterized their flooding risks as minimal, despite their near-beachfront locations.

That meant for them there were no requirements to buy flood insurance, and local residents say many did not.

When Hurricane Michael and its 155-mile-per-hour winds slammed into the town on Oct. 10, with a storm surge of perhaps 19 feet, the result was devastation. An analysis by coastal geologists from Western Carolina University has found that 70 percent of the homes were demolished. Another 10 percent were severely damaged.

Country / Region Tags: 
US - SouthEast
General Topic Tags: 
Climate
Economics
Flood
Map
Sea Level
Visualization
Vulnerability
Problem, Solution, SitRep, or ?: 
Problem
Situation Report

Your Flood Insurance Premium is Going Up Again, and That’s Only the Beginning

Wed, 2018-08-08 01:21 — Kathy Gilbeaux

           

miamiherald.com - by Alex Harris - July 24, 2018

The letter might have already come in the mail. “Your building is at high risk for flooding,” it declares in bold. There are ominous charts warning that if you don’t take action, your flood insurance premium could rise up to 18 percent each year.

The bottom line: your flood insurance premium is going up again — and under a policy change the Federal Emergency Management Agency is considering, it could skyrocket even more in coming years.

(CLICK HERE - READ COMPLETE ARTICLE)

ALSO SEE RELATED ARTICLES WITHIN THE LINKS BELOW . . .

CLICK HERE - Risk Rating and Policy Forms Redesign (15 page .PDF document)

CLICK HERE - Federal Flood Insurance Average Premium to Rise 8%

CLICK HERE - FEMA - Flood Insurance Reform - Rates and Refunds

Country / Region Tags: 
United States
General Topic Tags: 
Economics
Flood
Problem, Solution, SitRep, or ?: 
Situation Report

Swiss Re No Longer Offers Re/Insurance to Firms with More Than 30% Coal Exposure

Thu, 2018-07-05 21:59 — Kathy Gilbeaux

           

CLICK HERE - Swiss Re - News Release - Swiss Re establishes thermal coal policy to support transition to a low-carbon economy (4 page .PDF file)

insurancejournal.com - July 3, 2018

Swiss Re announced it no longer is providing re/insurance to businesses with more than 30 percent exposure to thermal coal across all lines of business.

The thermal coal policy applies to both existing and new thermal coal mines and power plants, and is implemented across all lines of business and Swiss Re’s global scope of operations.

This move marks the implementation of Swiss Re’s thermal coal policy announced in June 2017, which aims to manage carbon-related sustainability risks and support the transition to a low-carbon economy, the company said in a statement.

(CLICK HERE - READ COMPLETE ARTICLE)

ALSO SEE RELATED ARTICLE HERE - Swiss Re limits thermal coal coverage

 

 

 

Country / Region Tags: 
Global
United States
General Topic Tags: 
Economics
Petrochemical
Problem, Solution, SitRep, or ?: 
Situation Report

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

Tue, 2017-12-12 22:38 — Kathy Gilbeaux

           

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)

 

Country / Region Tags: 
United States
General Topic Tags: 
Climate
Economics
Problem, Solution, SitRep, or ?: 
Situation Report

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

Tue, 2015-08-18 21:01 — Kathy Gilbeaux

      

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.

Country / Region Tags: 
US - Gulf Coast
US - South
General Topic Tags: 
Disaster Risk Reduction
Emergency Management
Extreme Weather
Flood
Infrastructure
Sea Level
Problem, Solution, SitRep, or ?: 
Problem
Situation Report

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

Mon, 2014-10-27 10:43 — mike kraft

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.

Read complete article

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

Country / Region Tags: 
Global
Africa
Conakry
Guinea
United Kingdom
United States
General Topic Tags: 
Contagion
Disaster Response
Disease
Economics
Health
Problem, Solution, SitRep, or ?: 
Problem
Situation Report

New Jersey's Handling of Superstorm Sandy Funds Questioned

Thu, 2014-03-13 10:42 — Kathy Gilbeaux

      

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.

Country / Region Tags: 
US - NorthEast
General Topic Tags: 
Disaster Response
Economics
Government
Politics
Recovery
Problem, Solution, SitRep, or ?: 
Problem

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

Thu, 2014-01-09 18:00 — Kathy Gilbeaux

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.

(READ COMPLETE ARTICLE)

Country / Region Tags: 
United States
General Topic Tags: 
Economics
Flood
Problem, Solution, SitRep, or ?: 
Situation Report

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

Mon, 2013-12-09 18:31 — Kathy Gilbeaux

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)

Country / Region Tags: 
United States
US - NorthEast
General Topic Tags: 
Emergency Management
Flood
Map
Visualization
Vulnerability
Problem, Solution, SitRep, or ?: 
Problem

The Hard Math of Flood Insurance in a Warming World

Sat, 2013-10-26 23:14 — Kathy Gilbeaux

      

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.

Country / Region Tags: 
United States
General Topic Tags: 
Economics
Flood
Sea Level
Vulnerability
Problem, Solution, SitRep, or ?: 
Problem
Situation Report

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