Category Archives: Flood

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Australian Insurers Brace for Worst

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Close to 348,000 square miles across 20 towns are flooded and 200,000 residents affected after heavy rains drenched Queensland and neighboring states from December 25 to January 3.

The effects of the flooding are far-reaching. Reports indicate Queensland-based insurer SunCorp has told the Australian Stock Exchange it has received 1,800 claims so far. A JP Morgan analyst has said that losses to the insurance industry due to the flooding are estimated at $1 billion. The Insurance Council of Australia (ICA), however, has said that it is too early to provide a loss estimate.

The worst flooding in decades has affected an area the size of Germany and France, leaving towns virtual islands in a muddy inland sea, devastated crops, cut major rail and road links to coal ports, slashed exports and forced up world coal prices.

Coal production in Queensland has been severely disrupted. “The Queensland Resources Council said lost coal and gas production would run to hundreds of million of dollars.” Economists have projected a $6 billion loss from reduced export volumes.

Key crops such as cotton, sunflower, sugar and wheat have been gravely affected by the floods and, according to the Queensland Farmers Federation, few farmers have flood insurance. Crop losses alone could exceed $1 billion.

Below is a video of the “biblical” Australian floods that have claimed the lives of 10.

Needless to say, the property damage in Queensland and neighboring states will be a hard hit to the country’s insurers.

Groundbreaking Flood Models for Latin America

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Willis Re has introduced long-awaited flood models for Latin America through their research arm Willis Research Network (WRN). The models focused on large event scenarios for key cities such as Sao Paulo, Santiago and Bogota.

“The flood models provide South American insurance and reinsurance firms, as well as local governmental organizations, with new information that helps to identify and manage their exposure to flash floods caused by heavy rains and riverine overflow. Related results will be available for individual companies as well as the market as a whole and will have implications on planning, reinsurance and risk mitigation.”

The news was presented during the Geneva Association‘s 2nd Climate Change and Insurance meeting held in Sao Paulo last month by Dr. Juan Enlgand of Willis Re, who stated that these models might be used to consider the potential impact of climate change.

These models are greatly needed to say the least. Last year, floods and mudslides in Brazil caused 44 deaths and an estimated $1 billion in damages. In April, more than 250 died in Rio de Janeiro after torrential rains caused massive flooding and landslides. In June, more flooding in Brazil killed at least 41 and left more than 120,000 homeless. As Margo Black, CEO of Willis Re Brazil commented:

“Urban flood risk is an acute concern for Latin American re/insurers who have been challenged by growing losses and the lack of models to guide risk management.”

With Willis Re’s new models, it is hoped that future losses from almost-certain floods will be lessened in the ever-growing, major cities of South America.

NFIP Back in Action — At Least Temporarily

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What timing. The National Flood Insurance Program received temporary re-authorization last night by the U.S. Senate. The vote puts the NFIP back in business until September 30.

This is good timing for those along the coast as the storm season has kicked into gear with hurricane Alex now battering the coast of Mexico and south Texas. As the Insurance Journal states:

“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.

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The program lapsed June 1 for the fourth time. Now, the measure sits on President Obama’s desk, awaiting his signature. If signed, it would allow any new policy application or renewals that were signed and submitted during the hiatus to become effective from the date of application.

The official end to the 2010 hurricane season is November 30 — two months after the program’s new expiration date. Not good news, considering this hurricane season is predicted to be much more active than average — Weather Services International is calling for 20 named storms, with five being a category 3 or higher. Without more support from Congress, this hurricane season could prove not only historical in terms of storms, but also in uninsured property damage.

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Few in Tennessee Covered by Flood Insurance

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As flood waters remain on the streets of Tennessee, we are learning that few residents had flood insurance to cover their losses. The City Paper, a Nashville-based online news site, reports that fewer than 4,000 homes in Davidson County, Tennessee (which includes Nashville) were covered by flood insurance at the end of 2009 “meaning that the vast majority of homes damaged or destroyed by this weekend’s flooding will not be compensated for their losses.”

The online news source also claims that less than 1.5% of all homes in Davidson and surrounding counties have flood insurance. A surprisingly low number, which, like in most cases of natural disasters, only comes to light after a catastrophe. With such a lack of insurance, FEMA will likely provide much of the financial aid needed. Most of the homeowners who did purchase flood insurance, only did so because it was required in the terms of their mortgage.

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Some Nashville-area residents with mortgages that didn’t require flood insurance even asked their real estate agent, builder or lender about it — wondering if it was necessary. The response was mind-boggling, as stated in USA Today by a Davidson County resident whose home was ravaged by the flood waters:

“They all said, ‘You’re not in a flood plain, so you don’t need it,'” recalls [Tiffany] Wiggers, who left her home Sunday in a rescue boat with her dog. “I was like, ‘FEMA and the bank said we won’t need it, so we’re in the clear.’ “

Statements like that are maddening, but the residents of Tennessee’s flooded areas are not dwelling on their massive uninsured losses. As one resident states, “We really don’t have time right now to point fingers at anyone.

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It’s time to come together and help your neighbors and make sure your neighbors have food, shelter and clothing.”

The weekend rains that pummeled middle Tennessee set a Nashville record of 14 inches (all falling within about 48 hours). At least 30 deaths in Tennessee, Kentucky and Mississippi are blamed on the floods and Nashville Mayor Karl Dean said the city’s damage will top $1 billion.

Below are a few pictures from the brother and nephew of yours truly. They are, unfortunately, Nashville residents.

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