United States

A man walks through flooded streets in Hoboken, New Jersey, after Superstorm Sandy | Emile Wamsteker/Bloomberg via Getty Images

As subsidized rates of federal flood insurance rise, property owners along the coasts get angry. But we need insurance that reflects the risks of a changing planet

time.com - by Bryan Walsh - October 1, 2013

Thousands of homeowners in flood-prone parts of the country are going to be in for a rude awakening.  On Oct. 1, new changes to the National Flood Insurance Program (NFIP), which offers government-subsidized policies for households and businesses threatened by floods, mean that businesses in flood zones and homes that have been severely or repeatedly flooded will start going up 25% a year until rates reach levels that would reflect the actual risk from flooding. (Higher rates for second or vacation homes went into effect at the start of 2013.) That means that property owners in flood-prone areas who might have once been paying around $500 a year—rates that were well below what the market would charge, given the threat from flooding—will go up by thousands of dollars over the next decade.

 Light Our Way To Recovery is a candlelight commemorative gathering of the constituents of the Canarsie community, one of the many disaster impacted communities on the Eastern USA coastline. This event is given in remembrance of those persons who lost their lives as a result of Hurricane Sandy; to honor the people who volunteered and who continue to help; to highlight the need for support for Canarsie disaster victims who continue to struggle to rebuild, recover and survive the emotional maelstrom caused by the life changing events of October 29th 2012. 

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.