| A Florida pilot program to
stormproof condominiums has run out of money since it opened just over a week
ago, and the wind-mitigation program will no longer take applications for help,
reports the Insurance Journal (11/25/24, Southeast News). Meanwhile, the state’s
property insurer of last resort acknowledge that half of the claims it received
last year were closed without payment, reports the Palm Beach Post (11/26/24, Geggis).
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| Scientists point to
hurricane wind speeds that have jumped by an average of 18 mph since 2019 as
additional evidence of growing storm intensity tied to climate change, reports
the Associated Press (11/20/24, Borenstein). The 2024 Atlantic hurricane
season will come to a close as one of the costliest on record, reports the Insurance Journal (11/27/24, Hemenway).
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| Roughly one in seven house hunters in the U.S. says concern over storms and other natural disasters is behind their plans to move in the coming year, reports Reinsurance News (11/22/24, Willard).
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| LSU Ag Center scientists have developed an interactive
map to permit users to see their homes’ risk of flooding, reports radio station
97.3 (11/21/24, Mikells). New generators will protect a
Baton Rouge senior community that lost power during historic 2016 flooding,
reports The Advocate (11/22/24, Miller).
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| The
state was mostly spared the effects of a record-breaking storm season that began
with a Cat 5 hurricane in June and brought monster storms to other states, and
its close is another reason for thanks, notes The Advocate (11/26/24, Our
Views) in an opinion piece. Flooding poses a growing risk to a more regional
economies in Southern and Eastern states, a Moody’s analysis concludes, reports
IBA magazine (11/26/24, Bolivar).
Rising insurance costs, aging infrastructure and lacking recovery funds are
added complications.
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| Some
older Louisiana homeowners face the prospect of having to relocate from their
long-time homes as the soaring cost of insurance erodes their retirement
savings, reports the New Orleans Times-Picayune (11/21/24, Karlin).
New research shows that higher premiums are causing some homeowners in
Louisiana and other southeastern states to miss mortgage payments, reports WWNO (11/20/24, Ariza).
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| Climate change is driving the
number and intensity of disasters that in turn are reworking how insurers price
risk, reports Fast Company (11/19/24). Growing secondary risks are among the
challenges insurers face in setting rates and coverage.
|
| The “origin story” explaining
the effect of disasters linked to climate change on the property insurance
market can be found in Florida, reports WUSF
(11/19/24, Peddie). Plaintiffs’ attorneys in the Sunshine State soon will be
able to be “board certified” in insurance law and advertise the designation to
potential clients, reports the Insurance Journal (11/7/24, Rabb). The state is home to five of the
U.S. cities where home sales are falling fastest, reports the Insurance Journal (11/21/24, Southeast News).
|
| Rules that limit how long
short-term health plans can last may change again under President-elect Trump,
reports Investopedia (11/19/24, Shinn). If it happens, the rule change
to policies dismissed as “junk science” by President Biden would be the fourth
in nine years.
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| A study compares insurance-premium “shock” in local
housing markets across the U.S., including Louisiana, reports Fast Company
(11/15/24, Lambert). The analysis showed that premiums fell in just two
parishes—Lafayette and Winn—between 2020 and 2023, reports the Baton Rouge Business
Report (11/15/24). Louisiana and Florida were among
the states to see the biggest cost jumps over the three-year period.
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