How FEMA s new flood insurance pricing will impact your wallet
Nashville Tennessean
For an estimated 72% of Tennesseans who hold National Flood Insurance Program policies, premiums are about to go up.
The NFIP, run by the Federal Emergency Management Agency, is overhauling its methodology for setting flood insurance prices for the first time in about 50 years. Starting Oct. 1, premiums for new NFIP policies will be based on individual properties flood risk and the estimated cost of rebuilding those properties if flood damage occurs.
This model has been standard in the insurance industry for years, but is only now being adopted by the NFIP. FEMA officials and insurance experts say the switch to Risk Rating 2.0 will make the program more financially sound, adaptable and equitable.
Insurance Information Institute: 2021 Atlantic Hurricane Season Forecast to Be Above-Average
Targeted News Service (Press Releases)
SAINT JOHNS, Florida,
Insurance Information Institute issued the following news release:
An above-average level of tropical cyclone activity is projected for 2021, a year after a record-setting 30 named storms developed during 2020 s
Atlantic hurricane season, according to a forecast released today by
Colorado State University s (CSU)
Department of Atmospheric Science.
Led by research scientist
Insurance Information Institute (
Triple-I), the
CSU Tropical Meteorology Project team anticipates 17 named storms, eight hurricanes and four major hurricanes during the 2021 season, which starts on
June 1 and continues through
Nov. 30. A typical year has 12 named storms, six hurricanes and three major hurricanes.
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Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Downgrades Issuer Credit Rating of Tower Hill Prime Insurance Company
April 8, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Apr 8, 2021
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb+” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Tower Hill Prime Insurance Company (Tower Hill Prime) (Gainesville, FL). The outlook of the FSR has been revised to negative from stable, while the outlook of the Long-Term ICR is negative.
The Credit Ratings (ratings) reflect Tower Hill Prime’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).