Hurricane Florence to expose gaps in flood insurance
Hurricane Florence is likely to expose the flood protection gap of homeowners in the Carolinas and other vulnerable regions, according to the Associated Press.
An analysis of federal flood insurance records by the Associated Press found that that there are large gaps in flood coverage in the US. In North Carolina, where forecasters say the storm might bring the most destructive round of flooding in state history only 35 percent of at-risk properties are insured against floods, according to the research.
Hurricane Florence drenched North Carolina with more downpours on Sunday, Sept. 16, damaging tens of thousands of homes and threatening worse flooding as rivers fill to the bursting point.
Florence is expected to cause $30-60 billion in economic impact and damage, according to estimates. At the same time, insured losses from Hurricane Florence will only be around $2.5 billion, according to KCC estimates.
Federal officials reportedly say there are too many Americans in vulnerable areas who lack flood insurance — even after storms such as Sandy, Matthew and Harvey caused widespread property damage and financial losses with storm surge and rainfall.
The Federal Emergency Management Agency (FEMA) requires most homeowners with mortgages living in certain designated areas to buy flood insurance. However, there are numerous neighbourhoods across the US that are vulnerable to flooding but where insurance isn’t mandatory and many residents choose not to enroll — sometimes with dire consequences, according to the Associated Press.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
SCOR rumoured to face new takeover approach by Covéa
Tokio Marine Kiln hires Novae CFO as Dover departs
Hurricane Florence insured loss estimated at $2.5bn
Insurtech Setoo secures €8m funding from AXA
FedNat estimates Hurricane Florence loss at $4m
Chubb appoints new reinsurance officer
Ascot MGA Ethos appoints new CEO
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze