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Trending Intel: June 2022

Trending Intel: June 2022

Below we highlight the top 5 trending intel topics in June 2022. 1. Flood Insurance Flood Modeling & Insurance Perspectives [lgc_column grid=\"20\" tablet_grid=\"20\" mobile_grid=\"100\" last=\"false\"][/lgc_column][lgc_column grid=\"80\" tablet_grid=\"80\" mobile_grid=\"100\" last=\"false\"]The U.S. Flood insurance market is being completely revamped with the launch of the National Flood Insurance Program’s (NFIP) risk rating 2.0, which applies risk modeling technology to evaluate exposure. Simultaneously the…

Market Overview: Flood Modeling and Insurance Perspectives

Market Overview: Flood Modeling and Insurance Perspectives

The U.S. Flood insurance market is being completely revamped with the launch of the National Flood Insurance Program’s (NFIP) risk rating 2.0, which applies risk modeling technology to evaluate exposure. Simultaneously the market is challenged by double-digit inflationary percentage increases, and the adverse impact of climate change leading to warmer ocean temperatures and more severe catastrophic storms. Against this backdrop…

Flood Watch: Insurance Perspectives & Modeling

Flood Watch: Insurance Perspectives & Modeling

In this webinar, Guy Morrow joined Mathew Stollery from Argo Syndicate 1200, Lloyd’s, and Burns & Wilcox experts Brad Turner and Sarah Chandonnet to discuss the current and future state of the Flood Insurance Market. Morrow’s firm, KatRisk, is a leader in global catastrophe modeling. Together the panelists discussed flood risk modeling and predictions, NFIP’s Risk Rating 2.0, private flood solutions and tips for brokers and…

Two Outer Banks Homes Collapse Into Ocean on Same Day

Two Outer Banks Homes Collapse Into Ocean on Same Day

Two unoccupied homes in the Outer Banks collapsed into the ocean on May 10, with dramatic video footage showing one of the houses get rapidly swept away after the wooden stilts holding it up broke apart. The other home collapsed only hours earlier, spreading debris across a wide path and leading officials to close area beaches due to the risk…

New Flood Insurance Rating System Brings Major Changes to NFIP

New Flood Insurance Rating System Brings Major Changes to NFIP

A new flood-risk rating system went into effect April 1 for all National Flood Insurance Program (NFIP) policy renewals, moving the U.S. government-backed Flood Insurance program to a method of determining premiums that is expected to be more precise and equitable. According to FEMA, the Risk Rating 2.0 system uses industry best practices and the latest technology to provide rates…

Catastrophic Flooding Claims Lives, Washes Away Homes in Middle Tennessee

Catastrophic Flooding Claims Lives, Washes Away Homes in Middle Tennessee

At least 22 individuals were killed and many more remained missing after a flash flood ravaged the rural town of Waverly, Tennessee on Aug. 21. The sudden torrent of rain — estimated at 17 inches, likely setting a state record — swept away vehicles, tore homes off their foundations and crumbled roads and bridges. By Aug. 23, officials were reportedly…

Property & Casualty 2021 Q1 Market Overview & Q2 Forecast

Property & Casualty 2021 Q1 Market Overview & Q2 Forecast

By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group Following the release of our Burns & Wilcox Property & Casualty Market Overview and Forecast: Eye on 2021 report last quarter the already challenged Commercial and Personal insurance marketplace was greeted with yet another extraordinary event—Winter Storm Uri (February 13-17). The widespread impact resulted in over 170…

Eye on Q2: Flood Insurance Overview

Eye on Q2: Flood Insurance Overview

Looking ahead into 2021, the Flood Insurance Market should anticipate multiple changes. According to Brad Turner, “The Private Flood market should have the opportunity to compete across a lot of segments it wasn’t able to before, under the new NFIP Rating 2.0, because the market will have a greater understanding of pricing and awareness of exposure.” Watch the full Eye on Q2:…

Eye on Q2: Specialty Insurance Overview

Eye on Q2: Specialty Insurance Overview

Watch as our experts provide an outlook into the second quarter of 2021. We also review the year so far and how the biggest news stories impacted the insurance industry. During this webinar, we discuss: Flood Cyber Healthcare Commercial Property https://vimeo.com/534601820/0a594f3e59

Bitter Cold, Heavy Snow Slam Homeowners, Businesses Across U.S.

Bitter Cold, Heavy Snow Slam Homeowners, Businesses Across U.S.

Collapsed roofs, caved-in foundations and broken windows are evidence of the destruction caused by bitterly cold temperatures and powerful winter storms that have hammered the U.S. and parts of Canada1 in recent weeks. As of February 17, 2.7 million Texans are still without power from a severe storm system spanning 25 states that began on February 13. The storm has…

Homeowners Insurance Market Overview

Homeowners Insurance Market Overview

Over the last year, the Homeowners & Dwellings insurance market has experienced an increase in claims, specifically for historic and catastrophic events. Consider: The national Oceanic Atmospheric Administration’s Climate Prediction Center indicated in early August that the Atlantic hurricane season is on pace to become one of the worst in recorded history. As of September 2, there was already an…

Ask the Expert Q&A: Flood Insurance

Ask the Expert Q&A: Flood Insurance

According to the U.S. Federal Emergency Management Agency (FEMA), a single inch of water in a home can cause $25,000 in flood damage; nevertheless, many homeowners remain uninsured. Brad Turner, National Product Manager, Flood, Burns & Wilcox, Morehead City, North Carolina, explains the widespread need for Flood Insurance and how it helps protect homeowners. What are the biggest flood-related risks…

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