Category Archives: Insurance

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Venice Sees Near-Record Flooding

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The city of Venice, Italy, faced the worst flooding of its famous canals since the devastating floods of 1966. Venice has suffered major economic impact from this new round of flooding, with Mayor Luigi Brugnaro predicting that the damage will cost hundreds of millions of Euros, and claiming climate change is to blame.

The recent flooding paralyzed many local businesses, forcing schools to close and disrupting the city’s bustling tourist industry. When the salt water of the canal rises, it can destroy centuries-old architecture and wipe out entire inventories.

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And since insurers have refused to provide flood coverage to Venetian businesses due to the ever-present flooding threat, costs can surge even more.

After the 1966 floods, the city began planning a sea barrier to combat the increasing flooding, called the Mose Project, but it has largely languished since then, reportedly due to corruption and delays. The barrier consists of gates that rise with the tide to prevent flooding at different inlets of the Venetian Lagoon, the bay surrounding Venice. The project has been formally underway since 2003 and has cost billions of Euros so far, with its engineers now predicting the barrier will be in place by the end of 2021, while others say 2022.

As the floods have gotten worse, Venetians have taken to the streets to protest the city’s mismanagement of flood prevention and response measures, as well as tourist cruise ships that produce waves they allege have eroded the city’s foundations. Venice has also seen a slow trickle of people leaving the city, as the constant flood risk has made life and business operation untenable for many. According to NBC News, of about 53,000 residents in the city’s center, Venice lost over 800 residents last year alone.

As with many recent extreme weather events around the world, some experts believe the floods may be the result of climate change. Environmental economist Shouro Dasgupta told NBC News that the frequency and severity of the city’s floods have increased significantly. “Since 1951 until today, we have had 21 severe flooding events,” he said.

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“Out of those 21, 13 have been since 2000 and, out of those 13, eight have been since 2012.”

The Venice city council reportedly rejected measures to combat climate change minutes before floodwaters actually reached the council chambers. Pictures of the flooded government chambers posted by city councilor Andrea Zanoni went viral—an ironic symbol of official inaction in the face of climate change’s effects. Zanoni told CNN that the council rejected measures to fund renewable energy, to make city buses (currently running on diesel) “more efficient and less polluting,” and to address the local use of polluting stoves and plastics.

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The council’s president, Roberto Ciambetti, refuted the assertion that the city’s government was ignoring climate change, citing budget provisions dedicated to fighting air pollution and smog.

Venice Flooding

Last week, the United Nation’s Environment Program released a report stating that countries must increase their carbon-cutting measures dramatically to prevent warming of 3.2 degrees Celsius by the end of the century. The report noted that the many of the world’s 20 richest countries, which are responsible for 78% of global emissions, have not committed to reducing their emissions to zero. Italy is one of the few countries that have made this commitment, albeit as a long-term target.

California Unveils New Earthquake Warning System

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California governor Gavin Newsom announced a new state-wide system, created in cooperation with the U.S. Geological Survey, that will provide California residents with an early warning for coming earthquakes. Part of the system is an emergency messaging system that sends text warnings, similar to those that cell phone users already get for floods and missing persons. The other component of the system is a new app called MyShake, which will give people “tens of seconds” advance notice before a quake strikes. If you are in a house, that might be enough time to get to a safe spot away from falling furniture.

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If you are on the road, it may be enough time to pull off the road or stop before a bridge or tunnel.

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According to the California Governor’s Office of Emergency Services, “The system uses ground motion sensors from across the state to detect earthquakes before humans can feel them and will notify Californians so that they can ‘Drop, cover and hold on’ in advance of an earthquake.” A similar app called ShakeAlertLA was unveiled in January, but was only available to L.A. residents. Additionally, an early warning system had already been in place in California, but many believed that it was not sensitive enough. This summer, after two major earthquakes hit a desert area outside of Los Angeles the week of July 4th, L.A. residents complained that they had not received any warning because the quake’s distance from the city meant that it was strong enough to set off the sensors in Los Angeles.

Newsom announced the new system on the 30th anniversary of the Loma Prieta earthquake that hit San Francisco in 1989, killing 63 people and causing a reported $6 billion in 1989 dollars (more than $12 billion today) in property damage. A spokesperson for the Governor’s Office of Emergency Services said that if the new system had been in place at the time of Loma Prieta, residents would have gotten a warning 15 to 18 seconds before the earthquake hit.

Shortly after its release, two earthquakes in San Francisco tested the app and it was able to warn users within a median time of 2.1 seconds for the first quake and 1.

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6 seconds for the second. Officials said that the app will improve as it is tested further, and will also be available in Spanish and other languages in the near future, allowing it to reach more California residents.

California has a 99.7% chance of a 6.7 magnitude earthquake or larger in the next 30 years, according to Dr. William Leith of the U.S. Department of the Interior’s U.S. Geological Survey. And while the new system could protect residents from bodily harm, the same cannot be said for their property.

According to a 2018 California Department of Insurance report, only 13% of state residents with homeowner’s insurance purchased earthquake coverage in 2017. The total for all Californians is likely lower, around 10%, leaving many vulnerable to high costs for repairing and rebuilding property.

Travel Company Thomas Cook Collapses, Stranding Customers Worldwide

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The world’s oldest travel company, UK-based Thomas Cook—which operates hotels and resorts around the world as well as its own airlines—all but collapsed this week, cancelling all of the company’s bookings (including flights and holiday packages), and closing its retail locations. The shutdown left 600,000 customers stranded, and Reuters called the effort to get passengers home “the biggest ever peacetime repatriation,” with 64 flights bringing 14,700 back to the United Kingdom on Monday, and hundreds of thousands more are expected to be transported over the next two weeks. The collapse also leaves more than 20,000 employees out of work.

Thomas Cook was buried in debt, partially due to its reluctance to adapt quickly to online travel booking and worries about Brexit, and lenders stopped funding the company. The company had requested £900 million ($1.1 billion) from its creditors and the Chinese company Fosun, Thomas Cook’s largest shareholder, but the deal did not materialize. According to The Guardian, as the company slipped further into debt, payment card companies like American Express and Barclays also limited cash collections and payment services to mitigate harm from a collapse.

The UK government also denied Thomas Cook a last-minute $310 million bailout, partially because, as UK business secretary Andrea Leadsom said, “Thomas Cook is sitting on trying to service £1.7 billion [$2.1 billion] of debt, and it would have been a waste of taxpayers’ money to be throwing good money after bad.” Reportedly, the Turkish government and some Spanish hotel businesses offered to front £200 million ($247 million) to save the company if the UK government would guarantee the investment. But the UK government rejected the deal, saying that the amount would not have sustained the company for more than two weeks.

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Leadsom said that she also asked for an expedited investigation into the corporate collapse by the UK’s Insolvency Service—a branch of the Department for Business, Energy and Industrial Strategy that handles corporate liquidations and personal bankruptcy cases, including investigating companies’ bankruptcies for misconduct.  Others raised the issue of company higher-ups earning millions while the company sank, with Prime Minister Boris Johnson saying, “I have questions for one about whether it’s right that the directors, or whoever, the board, should pay themselves large sums when businesses can go down the tubes like that.” The UK’s Financial Reporting Council said that it may investigate Thomas Cook’s auditors, PwC and EY, in relation to the company’s collapse.

For stranded passengers, the UK government and other airlines are stepping in to ensure everyone can make it home. In 2017, when UK company Monarch Airlines went under, the government brought all passengers home, and it appears they will do the same in this case. Of the 600,000 stranded customers, 150,000 to 160,000 are British, and UK foreign secretary Dominic Raab told the BBC that the country will be arranging alternative flights for those travelers. Customers with tickets on Thomas Cook subsidiary airline Condor will be fine, as Condor will continue to function after a £380 million loan from the German government.

Others will be able to take seats on flights provided by a variety of airlines, including US-based provider Atlas Air, British Airways, Lufthansa, and possibly Malaysian Airlines, among others.

Regarding payment, things may get more complicated. According to the BBC, UK travelers who booked a package trip are covered by the Air Travel Organiser’s Licence (ATOL), an insurance program that will cover the cost of repatriating travelers.

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Those who just bought flights will reportedly have to appeal to their travel insurance or credit card companies for refunds. Hotels and resorts are also reportedly asking guests who booked through Thomas Cook to pay out of pocket for their stays, as the company’s payment is in question.

National Flood Insurance Program Set to Expire

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As a tropical storm battered parts of Texas with more than 40 inches of rain in 72 hours last week, Congress is debating whether to extend the National Flood Insurance Program, which expires on September 30. The NFIP is a government-run flood insurance plan that covers 5 million policies and is an alternative to the relatively shallow private flood insurance market. Since the passage of the National Flood Insurance Act of 1968, Congress has often waited until the last minute to reauthorized the program before its expiration and passed only short-term extensions (12 since 2017).

Last week, the U.S. House of Representatives passed a continuing resolution to keep the federal government funded through November 21 and prevent a government shutdown. This measure included an extension for the NFIP through the same date. But it is unclear whether the Senate will pass the resolution or allow a shutdown.

The House of Representatives Financial Services Committee unanimously passed a bill titled the National Flood Insurance Program Reauthorization Act of 2019 (H.R. 3167), which would reauthorize the NFIP for five years and provide funding for flood mapping and flood mitigation programs. It would also mandate a number of reforms, including allowing policyholders to get refunds if they cancel their policy before its expiration date, eliminating penalties if insureds leave the NFIP for the private market, and requiring the NFIP to increase premium rates each year.

On the Senate side, there is a bill of the same name that would also extend the NFIP for five years. The bills would also cap annual rate increases at 9% (as opposed to the current law, which allows increases by up to 25% annually), making the program more affordable, especially for low-income policyholders. Additionally, it includes provisions to protect homebuyers and renters by mandating flood risk and prior flood damage disclosures, and also funds flood mapping modernization and mitigation. As of this writing, the Senate has not voted on the measure.

Climate change has exacerbated annual flooding across the United States, making storms more violent, frequent and costly. In its June report on the flood outlook for 2019, the National Oceanic and Atmospheric Administration noted that non-storm, high-tide flooding “is increasingly common due to years of relative sea level increases. It no longer takes a storm or a hurricane to cause flooding in many coastal areas.” And in May, NASA said that the United States had experienced record-setting precipitation, characterizing it as the “soggiest 12 months in 124 years of modern record-keeping.”

They also mean millions more in property damage, which in turn means more people getting payouts from the NFIP. In fact, the series of hurricanes that hit the United States in 2017 and 2018 also hit the NFIP hard—the program lost billions of dollars in payouts, leading the government to pass a disaster relief bill that helped the NFIP pay the claims. The Federal Emergency Management Agency (FEMA), which runs the NFIP, aims to double the number of people who have flood insurance by 2023, but according to E&E News analysis, coverage in the United States has declined by 31% since 2011, leaving many without protection if they are hit with flooding.

In 2012, Congress passed a law allowing federal agencies to begin accepting private flood policies, but the market has been sluggish to fill the gaps. Some are stepping in—indeed, the American Association of Insurance Services (AAIS) today announced a partnership with Munich Reinsurance America, Inc. (Munch Re) to provide flood insurance aimed at homeowners outside major flood zones. But with few other private insurance companies offering flood policies, if the NFIP is not reauthorized, this could leave more than half-a-million people across the country without coverage.