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☆ Flash floods foreshadow a threatening reality in New York City
  + stars: | 2023-09-30 | by ( Denise Chow | Evan Bush | ) www.cnbc.com   time to read: +8 min
Cars drive along a flooded street on Church Avenue amid a coastal storm on September 29, 2023 in the Flatbush neighborhood of Brooklyn borough New York City. And more than a decade after Hurricane Sandy forced officials to rethink the meaning of climate resilience in New York City, it appears there's still much to be done. Kathy Hochul declared a state of emergency for New York City, Long Island and the Hudson Valley, calling the storm a "life-threatening rainfall event." The storm caused about $19 billion in damage to New York City. In densely populated cities like New York, flooding risks are heightened because of the built environment and lack of green spaces.
Persons: Michael M, Hurricane Ida, Hurricane Sandy, Joseph Kane, Steve Bowen, Gallagher, Bowen, Kathy Hochul, Eric Adams, Spencer Platt, Zachary Iscol, Sandy, Superstorm Sandy, Louise Yeung, Yeung, Hurricane Sandy —, Ida, Mona Hemmati, Hemmati, Andrew Kelly Organizations: Brooklyn borough New, Santiago, Getty, Hurricane, Brookings Institute, NBC News, Gallagher Re, . New York Gov, York City, Prospect, Columbia Climate School, New York City Department of Environmental Locations: Flatbush, Brooklyn borough, Brooklyn borough New York City, New York City, Brooklyn, New York, New York , New Jersey, Connecticut, Long, Hudson, York, Brooklyn Borough, Zachary Iscol , New York, Hurricane, Atlantic City, New Jersey, Manhattan, Williamsburg, U.S
☆ Florida-only insurers weather Hurricane Idalia amid market pullback
  + stars: | 2023-08-31 | by ( Noor Zainab Hussain Manya Saini Matt Tracy | Noor Zainab Hussain | Manya Saini | ) www.reuters.com   time to read: +5 min
A view of a damaged house after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 31, 2023. REUTERS/Marco Bello Acquire Licensing RightsAug 31 (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market. "This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. The top 10 U.S. homeowners insurers such as State Farm and Allstate Corp (ALL.N) average only about 4.1% of their premiums in Florida, Moody's said. Reuters GraphicsThe exit of insurers from Florida comes amid a broader pullback from the market, including from reinsurers, according to an Aug. 24 Fitch report.
Persons: Hurricane Idalia, Marco Bello, Ian, Idalia, Moody's, Steve Bowen, Gallagher, Fitch, Noor Zainab Hussain, Manya, Matt Tracy, Shinjini Ganguli, Megan Davies, Matthew Lewis Organizations: REUTERS, Property Insurance, Hurricane, Reuters, Citizens, UBS, Insurance Information Institute, Gallagher Re, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Bankers, Farm, Allstate Corp, Insurance, Institute, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Florida's, Coast, Tampa Bay, Jacksonville, Idalia, USA, Lexington, reinsurers, South Carolina, Bengaluru, Washington
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