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Some Federal Flood Insurance Risks May Be Shifted to Private Reinsurers
Posted by ClimateWire: Evan Lehmann on September 30th, 2011
ClimateWire: Congress is poised to give the Federal Emergency Management Agency the power to shift some of its massive financial risk from flooding to private financial firms that charge expensive fees to absorb liability from extreme natural catastrophes, like Hurricane Katrina. The move marks a significant transition for the agency's National Flood Insurance Program, which collects enough money annually from 5.6 million policyholders to pay damage claims during standard flood years. But the program, experts...
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Irene poised to strike a nation seemingly content to worry less about climate change
Posted by ClimateWire: Evan Lehmann on August 27th, 2011
ClimateWire: The last time a hurricane landed on the shores of the United States, Americans' belief in climate change was at its peak and House Democrats would soon begin their march toward passage of climate legislation.
Five days before Hurricane Ike collided with Texas, presidential candidate Barack Obama said "the time to act is now" on a national catastrophe plan.
That was in 2008.
When Irene boils onto the East Coast this weekend, she will find a nation with degraded belief in global warming, a...