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Natural disasters affect insurance companies which do their best to understand a home’s risk, reinsurance companies who grapple with aggregate risk, banks mortgage companies who face risk to assets and find challenges in ensuring customers have immediate access to local branches, the real estate industry which sees pricing pressure, and homeowners, families, and businesses who do their best to just make it through in one piece. The 2019 Natural Hazard Report unpacks the disasters that occurred last year as well as within the past decade.

Get the report at https://www.corelogic.com/insights/natural-hazard-risk-summary-and-analysis.aspx?WT.mc_id=crlg_200128_nN82T

Many leaders in the insurance industry anticipated that 2019, much like 2018, would be a tumultuous year for flood insurance. They were correct, and uncertainty will continue into 2020. Congress’s actions (or inactions) influence the whole industry. More recently, the NFIP has been suffering from a lack of a long term reauthorization by Congress. The program has been propped up by short term extensions and proposed reform measures that have received mixed reactions from all industries. To add to the uncertainty, FEMA’s new rating system, Risk Rating 2.0 which has seen immense pressure by Congress to be halted, has now been postponed into 2021. What’s ahead in 2020? It’s important to review 2019 to see where 2020 takes us.

View the full article here: https://www.patriotledger.com/opinion/20200102/column-joe-rossi-look-at-flood-insurance-in-2020

Communities that use federal disaster aid to rebuild public facilities now must follow new construction codes to make them more resilient to future calamity.

The new policy, published yesterday by the Federal Emergency Management Agency, represents a major shift in recovery funding. It forces states and municipalities that rebuild with FEMA money to take preventative steps such as locating rebuilt public facilities outside flood zones and a safe distance from wildfire-prone vegetation and using durable building materials.

View the Full Article Here: https://www.eenews.net/stories/1062101305