Tuesday, August 19, 2008

Americans Still Confused about Flood Insurance, Lack Coverage

The severe hurricane season of 2005 should have been a wake-up call to Americans about their lack of flood insurance.
But a new survey conducted for the Insurance Information Institute (I.I.I.) shows that more than 25 percent of Americans still mistakenly believe that damages caused by flooding from a hurricane are covered under standard homeowners and renters policies.

The survey asked, “Does your homeowner’s policy cover damage from flooding during a hurricane?” Twenty-seven percent said yes, and in the South, a region more vulnerable to hurricanes, 39 percent said yes.

Only 17 percent of Americans have a flood insurance policy, the survey showed—an inadequate number of insureds, given where they live. According to the Federal Emergency Management Agency (FEMA), more than 90 percent of all U. S. natural disasters include flooding. Changing weather patterns, increased urban development, and the leveling of forests have reduced the land’s natural ability to absorb water. For instance, large-scale erosion and flooding after severe wildfires are common in mountainous or hilly terrain.

The I.I.I. wants to remind homeowners and renters about some facts regarding flood insurance:

1. Flood damage is excluded under standard homeowners and renters insurance policies. Flood coverage, however, is available as a separate policy from the National Flood Insurance Program (NFIP) and from some private insurers. Nearly 100 insurance companies write and service NFIP policies.

....

This excerpt was written by U. S. Insurance News
Monday, 18 August 2008

View the original news article

MetLife Introduces New Benefits Benchmarking Tool

MetLife has introduced its latest tool to assist brokers and employers find the best employee benefits. MetLife Benefits Benchmarking Tool is a Web-based application for comparing and contrasting benefit offerings and objectives in 35 areas. The new tool can use demographic sectors like an employee’s income and stage in life to sort data and can provide a more in depth view of relevant customer needs such as wellness programs and retiree benefits.

“Employers are increasingly viewing employee benefits programs as strategic differentiators because they can help employers address employee loyalty, satisfaction and retention goals,” said Anthony J. Nugent, senior vice president, MetLife Employee Benefits Sales. “Companies and brokers that are well informed about benefits trends across various industries, geographies and demographics – and how theirs or their clients’ benefits programs compare – are better positioned to develop competitive and effective programs that attain their business objectives.”

By using the MetLife Benefits Benchmarking Tool, users can select, view, and download benefits data relevant to current marketplace topics. Topics can include benefits objectives, strategies and offerings; communications and decision making; employee retention and loyalty goals; retirement and the aging workforce; and health and wellness.

....

This excerpt was written by U. S. Insurance News
Monday, 18 August 2008

View the original news article