Posted by Benji Riggins on July 13, 2010 under Insurance News | 
An “active to extremely active” hurricane season is expected for the Atlantic Basin this year, according to the seasonal outlook issued today by NOAA’s Climate Prediction Center – a division of the National Weather Service.
Across the entire Atlantic Basin for the six-month season, which begins June 1, NOAA (National Oceanic and Atmospheric Administration) is projecting a 70 percent probability of the following ranges:
14 to 23 named storms (top winds of 39 mph or higher), including:
8 to 14 hurricanes (top winds of 74 mph or higher), of which:
3 to 7 could be major hurricanes (category 3, 4 or 5; winds of at least 111 mph)
“If this outlook holds true, this season could be one of the more active on record,” said Jane Lubchenco, Ph.D., under secretary of commerce for oceans and atmosphere and NOAA administrator. “The greater likelihood of storms brings an increased risk of a landfall. In short, we urge everyone to be prepared.”
The outlook ranges exceed the seasonal average of 11 named storms, six hurricanes and two major hurricanes.
According to NOAA, the expected factors supporting this outlook are:
Upper atmospheric winds conducive for storms. Wind shear, which can tear apart storms, will be weaker since El Niño in the eastern Pacific has dissipated. Strong wind shear helped suppress storm development during the 2009 hurricane season.
Warm Atlantic Ocean water. Sea surface temperatures are expected to remain above average where storms often develop and move across the Atlantic. Record warm temperatures – up to four degrees Fahrenheit above average – are now present in this region.
High activity era continues. Since 1995, the tropical multi-decadal signal has brought favorable ocean and atmospheric conditions in sync, leading to more active hurricane seasons. Eight of the last 15 seasons rank in the top ten for the most named storms with 2005 in first place with 28 named storms.
“The main uncertainty in this outlook is how much above normal the season will be. Whether or not we approach the high end of the predicted ranges depends partly on whether or not La Niña develops this summer,” said Gerry Bell, Ph.D., lead seasonal hurricane forecaster at NOAA’s Climate Prediction Center. “At present we are in a neutral state, but conditions are becoming increasingly favorable for La Niña to develop.”
FEMA Ready
Meanwhile, the Federal Emergency Management Agency is urging residents to prepare.
“FEMA is working across the administration and with our state and local partners to ensure we’re prepared for hurricane season,” said FEMA Administrator Craig Fugate. “But we can only be as prepared as the public, so it’s important that families and businesses in coastal communities take steps now to be ready. These include developing a communications plan, putting together a kit, and staying informed of the latest forecasts and local emergency plans. You can’t control when a hurricane or other emergency may happen, but you can make sure you’re ready.”
President Obama recently designated May 23 through 29 as National Hurricane Preparedness Week. NOAA and FEMA encourage those living in hurricane-prone states to use this time to review their overall preparedness. More information on individual and family preparedness can be found at http://www.Ready.gov and http://www.hurricanes.gov/prepare.
NOAA said its scientists will continue to monitor evolving conditions in the tropics and will issue an updated hurricane outlook in early August, just prior to what is historically the peak period for hurricane activity.
Read more: http://www.insurancejournal.com/news/national/2010/05/27/110239.htm#ixzz0pu54dqxt
Posted by Benji Riggins on July 1, 2010 under Flood |
The U.S. Senate last night approved a temporary reauthorization of the federal flood insurance program until Sept. 30. The reauthorization of the National Flood Insurance Program (NFIP) is retroactive to June 1, the date the program was halted.
The unanimous Senate vote sent the measure to President Barack Obama for his signature. The House had previously approved reauthorization.
Once President Obama signs the bill into law, the NFIP should return to normal operations, according to the Independent Insurance Agents & Brokers of America (the Big “I”). Also, since the extension is retroactive, any new policy applications or renewals that were signed and submitted during the hiatus will be effective from the date of application or, in the case of waiting periods, the waiting period will start from the date of application.
The Big “I” said that while the resumption of the program is welcome, the spring lapse — the third time this year it has been forced to halt operations– has caused difficulties for homeowners and small businesses.
“It is alarming that the NFIP was allowed to remain expired for so long, causing so much confusion and potentially leaving desperate homeowners and small businesses unprotected for almost a month,” said Robert Rusbuldt, Big “I” president and CEO. “While the Big ‘I’ is appreciative of Congress extending the program on a temporary basis, we are also greatly concerned that these short expiration periods and patchwork of temporary extensions will negatively impact the market.”
The industry has urged Congress to enact a long term extension of the program.
“The hurricane season runs two months beyond the NFIP’s new Sept. 30 expiration date,” said Jimi Grande, National Association of Mutual Insurance Companies (NAMIC) senior vice president of federal and political affairs. “Congress must not let the program lapse again, but that’s just the minimum. The best thing they can do is take this time to pass legislation that would implement common sense reforms and help the NFIP make the first steps towards financial soundness.”
HR 5114, sponsored by Rep. Maxine Waters, D-Calif., is awaiting action by the House and would reauthorize the NFIP for five years.
Read more: http://www.insurancejournal.com/news/national/2010/07/01/111226.htm#ixzz0sRmFmA6x
Posted by Benji Riggins on June 23, 2010 under Flood |
The House of Representatives has passed another temporary extension of the National Flood Insurance Program until Sept. 30, 2010.
The program has been suspended from issuing new policies since May 31. Reauthorization provisions have been embedded in controversial legislation on jobless benefits and tax breaks that has been twice voted down in the Senate.
The newly-passed House bill, HR 5569, was sponsored Rep. Maxine Waters, D-Calif., and Rep. Walter Jones, R-N.C.
The Senate must still act on it.
The Independent Insurance Agents and Brokers of America (Big “I”) commended the House for its vote and urged the Senate to act quickly.
“The program has been expired since May 31, putting millions of consumers at risk from the economic dangers of flood right in the midst of the hurricane season and storm season in the Midwest. The expiration has also threatened to wreak havoc in both the real estate and insurance markets during a period of great economic difficulty. It is vital that the program be extended and we therefore urge the Senate to act on this bill without delay,” said Charles Symington, Big “I” senior vice president of government affairs.
The program has been unable to issue new or renewal policies since it was shut down May 31, although it is still paying claims. It is the fourth time in the past year that the program has been interrupted due to the failure of Congress to reauthorize it for an extended period.
The Big “I” and other industry groups hope that Congress will move beyond temporary extensions and pass legislation that authorizes the program for five years and makes certain reforms to it.
Read more: http://www.insurancejournal.com/news/national/2010/06/23/111009.htm#ixzz0rhwYXnlQ
Posted by Benji Riggins on June 18, 2010 under Flood |
The Senate today voted against legislation that included a provision to reauthorize the National Flood Insurance Program (NFIP).
Along with short term extensions for numerous other federal programs, the NFIP extension was passed by the House just prior to the Memorial Day recess. It was voted down by the Senate today amid concerns that other, unrelated provisions in the bill would add to the federal budget deficit. Should the Senate approve an amended version, the legislation would have to go back to the House for another vote in that chamber.
The Senate vote drew criticism from the National Association of Mutual Insurance Companies (NAMIC).
“It’s been over two weeks since the National Flood Insurance Program was allowed to expire, and the program is still being held up because of unrelated issues,” said Jimi Grande, NAMIC senior vice president of federal and political affairs. “This lack of action by Congress is unacceptable, particularly when we’re in the first few weeks of the 2010 hurricane season.”
The Atlantic storm season began June 1 and the National Oceanic and Atmospheric Administration has forecasted that 2010 will be among the most active seasons ever. The NOAA predicts that 2010 will see 14 to 23 named storms, with eight to 14 of those developing into hurricanes. Of those, the NOAA has said that three to seven may develop into Category 3 or above hurricanes with winds of over 110 miles per hour.
“We cannot afford to have political disagreements get in the way of protecting millions of Americans from flood losses,” Grande said.
Source: NAMIC
Read more: http://www.insurancejournal.com/news/national/2010/06/16/110798.htm#ixzz0rDbxnJHL
Posted by Benji Riggins on April 16, 2010 under Flood |
Congress Thursday voted to restore jobless benefits for hundreds of thousands of Americans who had lost them during a partisan standoff in the Senate over spending.
[The bill also reauthorizes the federal flood insurance program until the end of May and restores federal COBRA health insurance subsidies.]
The House of Representatives voted 289-112 to restore the lapsed programs and sent the measure to President Barack Obama, who signed it into law. The Senate had approved it earlier in the day after weeks of delay.
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With the unemployment rate at 9.7 percent, some 6.1 million Americans rely on jobless benefits. Those benefits, which average roughly $300 a week, expired for more than 200,000 Americans on April 5 after Republican Senator Tom Coburn blocked a vote shortly before Congress left town on a two-week break.
The standoff also has disrupted a federal flood insurance program, which has held up 1,400 home sales each day in flood-prone areas and slashed emergency loans to small businesses, Democrats said.
COBRA health insurance subsidies for the unemployed and payments to doctors under the Medicare health program have also been disrupted.
[The provision reauthorizing the federal flood insurance program is effective retroactively to Feb. 28 and extends the program until May 31, 2010, the day before the new hurricane season officially starts.
The Independent Insurance Agents & Brokers of America (Big "I") said it is concerned that Congress has only extended the program for a brief period again.
"It is alarming that the NFIP was allowed to expire, causing so much confusion and potentially leaving desperate homeowners and small businesses unprotected for more than two weeks," said Robert Rusbuldt, Big "I" president and CEO. "The Big 'I' is greatly concerned that these short expiration periods, coupled with the uncertainty of temporary extensions, will negatively impact the market."
Since the extension is retroactive, any new policy applications or renewals that were signed and submitted during the hiatus will be effective from the date of application or, in the case of waiting periods, the waiting period will start from the date of application, according to the agents' group.
"This series of temporary extensions, last minute actions and service lapses during such a delicate period in our economy is of great concern to our agents, homeowners and small businesses," said Charles Symington, Big "I" senior vice president of government affairs. "Though we are grateful that Congress extended this program, we are increasingly frustrated by these repeated one-month extensions and the periods of expiration that sometimes result from them."]
REPUBLICAN OBJECTIONS
Coburn and other Republicans argued that Congress should find a way to pay for the unemployment benefits program rather than letting it add to a budget deficit that could hit a record $1.5 trillion this fiscal year.
“Our debt and deficits are as much of an emergency as unemployment, yet Congress continues to pretend it can spend and borrow without restraint,” Coburn said in a statement.
The Senate voted down Coburn’s proposal to redirect $20 billion from other government programs.
Democrats said jobless aid had always been considered emergency spending during times of high unemployment.
Three Senate Republicans — Susan Collins and Olympia Snow of Maine and Ohio’s George Voinovich– voted for the bill. In the House, Republicans were divided, with 49 voting for the bill and 112 voting against it.
Jobless benefits normally expire after six months, but Congress has extended the program several times during a slump marked by high levels of long-term joblessness.
Obama said he was “grateful” that Congress had moved forward on the temporary extension but urged lawmakers to extend the benefits further.
“As I requested in my budget, I urge Congress to move quickly to extend these benefits through the end of this year,” Obama said in a statement.
“I also urge Congress to move forward on legislation to help small businesses grow and hire and other measures to increase the pace of job growth,” he said. “This is my top priority, and I will fight day and night until every American who wants a good job has one.
The bill passed by the Senate would extend benefits through June 2 and apply retroactively to those cut off last week. It would cost $18.2 billion, according to the nonpartisan Congressional Budget Office.
Democrats have been extending the program on a month-to-month basis as they work on a longer-term fix.
That has given Senate Republicans plenty of opportunity for disruption.
Republican objections forced the Senate to spend most of the week on a measure that had been handled on a routine basis in the House. Democrats can expect to face similar delays on other spending measures that are not offset with spending cuts elsewhere, Coburn said.
REGULAR DEBATE TOPIC
The debate over spending is likely to resurface on a regular basis as the November congressional elections approach.
Republicans have pointed to record deficits and last year’s $863 billion economic stimulus package to paint Democrats as reckless spenders unconcerned with the country’s mounting debt.
Democrats say the country’s dire fiscal situation can be traced in large part to tax cuts, wars and an expansion of Medicare that were enacted when Republicans were in control.
“Those who talk about balancing budgets who have not balanced them in the past should not be trying to do so on the backs of hundreds of thousands of unemployed in our beloved country,” said Democratic Representative Sander Levin, who chairs the tax-writing Ways and Means Committee.
(Additional reporting by Deborah Charles; Editing by Eric Walsh and Peter Cooney)
By Andy Sullivan
April 15, 2010
Posted by Benji Riggins on March 5, 2010 under Flood |
The U.S. Senate last night passed legislation that includes an extension of the federal flood insurance program until March 28. President Obama has signed the measure.
The extension means that the National Flood Insurance Program (NFIP), which has been unable to issue policies since its authorization expired at midnight on Feb. 28, should be able to again start issuing new and renewal policies. NFIP issued a memo on Feb. 26 that included guidelines for operations during a hiatus. However, the agency has not yet released any follow-up guidance for insurers or agents following this reauthorization.
The several days’ hiatus did not affect NFIP claims paying. The program insures more than 5 million properties.
The emergency legislation reauthorizing funding for the flood program was part of a larger $10 billion bill dealing with unemployment insurance, subsidies for COBRA benefits, transportation projects and several other federal programs.
The legislation had been held up by Sen. Jim Bunning, R-Ky., who objected that it did not address funding. Supporters said that as emergency legislation, it was exempt from the “pay-as-you-go” law. Bunning eventually agreed to lift his hold after being permitted to offer an amendment on funding, which was defeated. The unemployment benefits legislation with the flood insurance reauthorization then passed with a bipartisan vote of 79-19.
The NFIP sunset caused delays for some consumers waiting to close on the sale of a property within a flood hazard area.
While no new policies could be issued during the lapse in authorization, consumers with current policies remained covered by the federal program, according to the National Association of Insurance Commissioners.
This short-term extension is itself an extension of a previous emergency authorization of NFIP. In December, the Senate extended it to Feb. 28.
Last Thursday, the House passed the bill addressing the expiring federal programs, but Bunning’s opposition kept the Senate from advancing the legislation before the NFIP’s Feb. 28 deadline.
Congress has been working on longer-term legislation to authorize NFIP for up to five years, which would be welcomed by the insurance industry.
“We applaud the Senate for recognizing the urgency in extending the National Flood Insurance Program,” said David Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI). “This vitally important program protects over five million families across the country. The recent debate in Congress underscores the need to bring greater certainty and stability to the flood program in 2010 and advance a long-term extension that ensures the program’s fiscal soundness.”
