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A growing number of homes covered by the National Flood Insurance Program are experiencing severe and repetitive flood losses, according to data from the Natural Resources Defense Council. The number of homes categorized as severe repetitive loss properties — meaning they have either had four or more separate building or contents claims of over $5,000, or two or more separate…

Severe weather continued to break records in 2023, escalating property risks for many homeowners in the U.S. as they grapple with rising costs and a shifting insurance market. A string of disastrous tornadoes in Middle Tennessee earlier this month contributed to what appeared to be the state’s deadliest December and eighth deadliest year for tornadoes, according to reports — only…

The marketplace for private Flood Insurance has continued to grow in the months since a new flood-risk rating system went into effect for National Flood Insurance Program (NFIP) policies. A recent report from AM Best shows that 11 new private Flood Insurance carriers entered the market between 2021 and 2022, and a total of 151 new providers have started offering…

Even before Hurricane Ian punctuated another active storm season in late 2022, Flood Insurance was amid a hard market. The hard market has been a result of several factors, including post-pandemic inflationary pressures, causing carriers to reduce their catastrophic exposure or exit the market altogether. One of the areas most affected by inflation has been reconstruction valuation costs, causing London…

During this webinar, Our experts discuss the current state of the Flood Insurance Market for both residential and commercial properties. They also review flood modeling, parametric coverage, tips on how brokers and agents can approach the challenges within this space, and more. https://vimeo.com/825984690/7c3272a447?share=copy

An unprecedented rainfall flooded parts of South Florida, grounding flights for two days at Fort Lauderdale-Hollywood International Airport while its tarmac looked “like a lake” and causing a seaport deluge that led to disruptive gas shortages. In the weeks since, officials are continuing to assess the damage and reflecting on the region’s readiness for other similar disasters. [lgc_column grid=\"50\" tablet_grid=\"50\"…

State of the Flood Market Thursday, May 2 at 1:30PM ET Join our expert panel for a look into the current state of the flood market along with strategies for success as brokers navigate the current environment. Featured Experts: Sylvia Ornelas, Associate Vice President, Director, Personal Insurance, Burns & Wilcox, Los Angeles, CA Justin Pressly, Associate Managing Director, North Carolina,…

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…

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…

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…

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…

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…