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FEMA Knows a Lot About Climate-Driven Flooding But It s Not Pushing Homeowners Hard Enough to Buy Insurance

Share this article The Federal Emergency Management Agency (FEMA) has been collecting a lot of information about flood risks across America, including the increased risk of flooding linked to climate change. But the agency has not effectively used that new knowledge to persuade more Americans to buy flood insurance, according to a new report from the Government Accountability Office. As a result, homeowners are at increasing risk of costly damage from floods, and the government is facing rising costs for disaster relief assistance, the report found. The report called on Congress to consider requiring FEMA to evaluate how the agency can use the “comprehensive and up-to-date flood risk information” it has been collecting to determine which properties should be required to have flood insurance under the National Flood Insurance Program.

World Bank Catastrophe Bond Provides Jamaica $185 Million in Storm Protection

Share Washington – The World Bank (International Bank for Reconstruction and Development, or IBRD) priced a catastrophe bond that will provide the Government of Jamaica with financial protection of up to US $185 million against losses from named storms for three Atlantic tropical cyclone seasons ending in December 2023. The government of Jamaica is the first government in the Caribbean region, and the first of any small island state, to independently sponsor a catastrophe bond, also known as a cat bond. Jamaica was one of the sixteen countries in the Caribbean Catastrophe Risk Insurance Facility that benefitted from IBRD’s first ever cat bond in 2014.

World Bank catastrophe bond provides Jamaica $185 million in storm protection - Jamaica

World Bank catastrophe bond provides Jamaica $185 million in storm protection - Jamaica
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