In July 2012, the U.S. Congress passed the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) which calls on the Federal Emergency Management Agency (FEMA), and other agencies, to make a number of changes to the way the National Flood Insurance Program (NFIP) is run. Some of these changes already have occurred, and others will be implemented in the coming months. Key provisions of the legislation will require the NFIP to raise rates to reflect true flood risk, make the program more financially stable, and change how Flood Insurance Rate Map (FIRM) updates impact policyholders. The changes will mean premium rate increases for some—but not all—policyholders over time. Homeowners and business owners are encouraged to learn their flood risk and talk to their insurance agent to determine if their policy will be affected by BW-12.
elitedaily.com - by Christian La Du - October 28, 2013
One year ago, the east coast was ravaged by SuperStorm Sandy, a freak occurrence combining a hurricane, Nor’easter, high tide, and a full moon, which wrought particular destruction on the tri-state area.
Although the enduring legacy of Sandy is not measured in tallies of destruction, numbers like 8.6 million homes and businesses without power, gas and water, 650,000 destroyed houses, 200,000 damaged businesses, and 286 deaths afflicted over 13 states. Approximately 50 million people felt the effects of the storm over 800 mile stretch, and an estimated $65 billion in economic damages were incurred.
The real, lasting effect of Hurricane Sandy, however, is in the radical life shifts that people forcibly underwent.
On July 18, 2013, Frank Nutter, President of the Reinsurance Association of America, testified before the Senate Committee on Environment Protection and Public Works as to the RAAs perspective on weather and climate-related impacts in the United States.
Following are excerpts from his report:
"In the 1980’s, the average number of natural catastrophes globally was 400 events per year. In recent years, the average is 1000. Munich Re’s analysis suggests the increase is driven almost entirely by weather-related events. North America has seen a fivefold increase in the number of such events since 1980. In comparison, Europe has seen a twofold increase.
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