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Congress Deliberates Proposed Adjustments To NFIP

Congress Deliberates Proposed Adjustments To NFIP

The National Flood Insurance Program may undergo significant transformations as Congress deliberates 17 proposed changes, aiming to enhance the program's effectiveness and affordability, particularly for low-income homeowners.
May 12, 2023 Catastrophe Legislation & Regulation Property

NFIP Flood Claims For Hurricane Ian Approaching $4B, Average Payment Over $104K

NFIP Flood Claims For Hurricane Ian Approaching $4B, Average Payment Over $104K

As of May 2, 2023, FEMA reported that National Flood Insurance Program (NFIP) claims related to Hurricane Ian total $3.9B. Out of the roughly 48,000 claims in Florida and the Carolinas, around 95% have been closed, according to the agency.
May 9, 2023 Property Florida North Carolina South Carolina

U.S. Coastal Residents Will Benefit From NOAA’s Improved Storm Surge Model

U.S. Coastal Residents Will Benefit From NOAA’s Improved Storm Surge Model

The National Oceanic and Atmospheric Administration (NOAA) has announced that it has upgraded its Probabilistic Storm Surge model to version 3.0, which will significantly enhance the ability to predict the storm surge of some of the world's worst tropical cyclones.
May 8, 2023 Catastrophe Property

A Desperate Need: Reforming Flood Insurance

A Desperate Need: Reforming Flood Insurance

The Federal Emergency Management Administration (FEMA) has proposed 17 changes to the National Flood Insurance Program (NFIP), aimed at boosting the program's finances and effectiveness.
May 5, 2023 Legislation & Regulation Property

Insurer Accountability Bill Passes Senate, Moves To Florida Governor’s Desk

Insurer Accountability Bill Passes Senate, Moves To Florida Governor’s Desk

Succeeding a series of new laws aimed at reducing insurance litigation, Florida lawmakers have unanimously approved a bill that will increase fines and oversight for property insurance companies.
May 5, 2023 Legislation & Regulation Property Florida

Rising Sea Level Threatens Hazardous Industrial Sites In California

Rising Sea Level Threatens Hazardous Industrial Sites In California

New research has revealed that hundreds of industrial sites along the California coastline, such as oil and gas refineries and sewage-treatment plants, could be severely affected by flooding from rising sea levels, in the event of worsening climate change.
May 4, 2023 Catastrophe Liability Property California

Insurance Fraud Scheme Costs Law Firm, Partners $2M

Insurance Fraud Scheme Costs Law Firm, Partners $2M

Louisiana's Insurance Commissioner has imposed a fine of $2 million on Texas law firm McLenny Moseley & Associates (MMA) and its associated partners for hurricane-related insurance fraud.
May 4, 2023 Fraud Legislation & Regulation Litigation Property Louisiana Texas

Florida And Louisiana State-Owned Insurers Must Borrow Millions To Pay Claims

Florida And Louisiana State-Owned Insurers Must Borrow Millions To Pay Claims

The Gulf Coast insurance crisis has hit a new low as two state-chartered insurance associations are being forced to borrow hundreds of millions of dollars for the first time in three decades to pay the hurricane claims of insolvent insurers.
May 4, 2023 Catastrophe Insurance Industry Property Florida Louisiana

Federal Aid For South Florida Flooding: Biden Approves Major Disaster Declaration And FEMA Assistance

Federal Aid For South Florida Flooding: Biden Approves Major Disaster Declaration And FEMA Assistance

President Joe Biden has approved a major disaster declaration for Broward County, offering financial assistance to individuals and communities affected by the severe flooding that hit the area two weeks ago.
May 3, 2023 Property Florida

Virginia Beach, Virginia Hit With EF3 Tornado

Virginia Beach, Virginia Hit With EF3 Tornado

A state of emergency has been declared in Virginia Beach, Virginia, after an EF3 tornado hit the city. The tornado struck the Great Neck area of the city around 6 p.m. on Sunday, causing significant damage.
May 2, 2023 Property Virginia

Rising Expectations

Rising Expectations

As inflation continues to run rampant throughout the United States economy, we have all experienced the effects of supply chain impediments, labor shortages, and increased costs in our daily personal lives. From higher prices at the pump to the cost of milk and eggs, everything is more expensive.
April 28, 2023 Litigation Property

Insured Losses From Mississippi Tornado Expected To Exceed $100M

Insured Losses From Mississippi Tornado Expected To Exceed $100M

The Mississippi state insurance department has reported that insurance losses from the March tornado that swept through parts of Mississippi have reached nearly $100 million, with uninsured losses expected to surpass this figure.
April 26, 2023 Catastrophe Property Mississippi

Louisiana Parish Sues FEMA Over NFIP Rate-Setting Model

Louisiana Parish Sues FEMA Over NFIP Rate-Setting Model

St. Charles Parish in Louisiana has sued the Federal Emergency Management Agency (FEMA) over the new Flood Risk Rating 2.0 that went into effect in October 2021.
April 26, 2023 Legislation & Regulation Litigation Property Louisiana

Sunshine State Homeowners Face New Property Insurance Fee

Sunshine State Homeowners Face New Property Insurance Fee

Homeowners in Florida should prepare for yet another increase in their insurance premiums as more insurers are leaving or failing in the state.
April 26, 2023 Catastrophe Insurance Industry Legislation & Regulation Property Florida

Claims Adjuster Pleads Guilty To Issuing $850K+ In Fake Payments To His Business

Claims Adjuster Pleads Guilty To Issuing $850K+ In Fake Payments To His Business

Paul Richard Massey, a resident of West Virginia, recently pleaded guilty to wire fraud and money laundering charges. Massey, who worked as a claims adjuster for Allstate Insurance Company from 2015 to June 2019, confessed to issuing fraudulent payments to a business that he owns.
April 25, 2023 Fraud Property West Virginia
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