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Lack of Flood Coverage Leads to ‘Heartbreaking’ Situations in Post-Hurricane Ian Florida
A number of homeowners around Fort Myers Beach, Florida, are expressing frustration over the status of their insurance claims related to damage from Hurricane Ian. According to a recent New York Post report, more than 25% of closed insurance claims in Lee County have been denied, over 30,000 claims are still pending, and some of the 135,000-plus claims that were…

Ask the Expert Q&A: Flood Insurance
A growing number of individuals are at risk for flood damage to their homes, but many remain uninsured. To learn more about Flood Insurance, we spoke with Jacob Martin, Manager, Flood, Burns & Wilcox, Charlotte, North Carolina. How serious is the risk of flood for homeowners today? J.M.: What we are seeing with climate change is more severe storms. As…

Latest Floods Devastate Eastern Kentucky, Deluge Vegas Casinos
At least 37 individuals were tragically killed and hundreds more remained missing as of Aug. 1 after heavy rains brought devastating floods to multiple communities in eastern Kentucky. At a news conference July 30, officials said the death toll spanned five counties and included at least four children, representing \"unfathomable\" losses in what could reportedly be one of the worst…

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
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…

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
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…

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:…

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…

Heavy Rain, Dam Failures Unleash ‘500-Year Flood’ in Mid-Michigan
Approximately 10,000 Michigan residents were forced to evacuate their homes on May 19 after catastrophic dam failures sent flood waters rushing through Midland and Saginaw counties, destroying homes, decimating roads and bridges, and leaving one small village in near ruin. Heavy rainfall in the area caused water levels in the Tittabawassee River to surge, leading to the failure of both…

Today’s Flood Market: Driving Innovation with Emerging Technology
Presented by: Brad Turner, National Product Leader, Flood, Burns & Wilcox Hosted by: Bill Gatewood, Corporate Senior Vice President, National Personal Insurance Practice Leader, Burns & Wilcox During this webinar, we explored: The current flood market landscape, including the state of the National Flood Insurance Program (NFIP), legislation changes, and how Private Markets are getting involved The impact of technological advances…
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