The Federal Financial Institutions Examination Council (FFIEC) issued a joint statement in April emphasizing the need for companies in the financial sector to include cyber insurance in their risk management program. Although the FFIEC did not announce new regulatory requirements or expectations, the announcement is further evidence of what most businesses have already recognized: Cyber
$16 Billion Debt Cancellation Gives Breathing Space for National Flood Insurance Program
The Senate’s vote Tuesday to forgive $16 billion in debt owed by the National Flood Insurance Program gives a much-needed boost for NFIP as it faces large payouts from recent hurricanes. Packaged with other disaster aid appropriations, the bill now goes to President Trump, who is expected to sign.
NFIP has struggled to stay solvent
Trigger for Hurricane and Named Storm Deductibles
Recent damage from Hurricanes Harvey, Irma, and Maria have focused attention on special “named storm” and “hurricane” deductible endorsements found in most property insurance policies issued for coastal areas. Such endorsements typically convert the insured’s deductible from a fixed amount to a percentage of the property value, such as 1, 2, 5, or 10 percent,