All the headlines from our Catastrophe Topic Page, ordered by recency.
Jan 25 2019 // Bermuda-based (re)insurers continue to be tested by challenging market conditions, including heightened catastrophic losses and diminishing competitive advantage resulting from U.S. tax reform. However, the Bermuda market...
Jan 24 2019 // PG&E Corp. estimates it would cost as much as $150 billion this year alone to comply with a federal judge’s proposal to prevent wildfires.California’s largest investor-owned utility said U.S. District Judge...
Jan 24 2019 // Hurricane Florence caused extensive freshwater flood damage in the Carolinas and parts of Virginia in September—and about 70 percent of those flood losses will be uninsured, according to RMS.“The insured loss for...
Jan 24 2019 // The flood insurance protection gap in the United States is massive, but the take-up rate of private flood insurance continues to be low. The relative inability of private insurers to penetrate the flood insurance market...
Jan 24 2019 // Cyber incidents join business interruption as the top risks facing global businesses, according to a survey conducted by Allianz Global Corporate & Specialty (AGCS).The impact of business interruption (which includes...
Jan 24 2019 // The importance of drones and aerial imagery rose to a new level in the wake of 2018 natural catastrophes as insurers made them an integral part of their disaster recovery procedures, particularly following the hurricanes...
Jan 23 2019 // To be the insurer of last resort for wind and hail insurance along the Texas coast, without state support and reliant on premium dollars and debt financing for funding, or to be a true insurance company that derives...
Jan 22 2019 // California’s deadly wildfires are raising the specter of higher insurance premiums for homeowners in the state.After “two significant years in a row of losses, I think the discussion and the debate about the...
Jan 22 2019 // Travelers Cos. reported that despite catastrophe losses from the California wildfires and Hurricane Michael, it boosted its profit in the fourth quarter of 2018 thanks to growth in premiums and investment income.Net income...
Jan 22 2019 // The economic costs of last year’s 394 natural catastrophe events came to US$225 billion with insurance covering US$90 billion of the overall total, creating the fourth costliest year on record of insured losses,...
Jan 22 2019 // Homes, businesses, government offices and churches were among the buildings badly damaged or demolished when tornadoes struck central Alabama over the weekend.The severe weather hit Saturday and another tornado was...
Jan 21 2019 // A University of Missouri researcher is teaming up with scholars in Kansas and Georgia to develop drone technology to monitor and potentially predict the spread of wildfires.The $1.2 million research project that began last...
Jan 21 2019 // The costliest natural catastrophes occurred in the United States in 2018 with one of California’s devastating wildfires and Hurricane Michael topping the list, according to Munich Re.A report from Munich Re on last...
Jan 21 2019 // It is time to take out our crystal ball and plan for 2019 and how our insurance industry will be impacted by the trends around us. Those that consider these changes, and plan ahead, will usually be in a better position...
Jan 21 2019 // Wildfires and the Dynamex decision dominated discussions at an insurance wholesaler conference in early January.The California Wholesaler Association conference in La Jolla, Calif., from Jan. 6 to Jan. 8 featured numerous...
Jan 21 2019 // Even Governors Skeptical of Climate Change Can’t Avoid Need to Plan for Future Storms, FiresGovernors have a range of priorities they want to tackle in the coming year, from tax reform to education. Yet, one topic...
Jan 18 2019 // Argo Group International Holdings, Ltd., the Bermuda-based re/insurer, announced a preliminary pre-tax catastrophe loss estimate of $32 million for the fourth quarter of 2018, primarily related to Hurricane Michael and the...
Jan 18 2019 // Between 2015 and 2017, Texas experienced a record number of tornadoes, hailstorms and a hurricane, but the state finally got a reprieve from all of the destructive weather in 2018, the Insurance Council of Texas (ICT)...
Jan 17 2019 // The U.S. Geological Survey confirmed a 3.7 preliminary magnitude earthquake rattled the small city of Piedmont in northern California. The USGS says the tremor occurred on Wednesday at 4:42 a.m. The impacts of the...
Jan 17 2019 // Insured damage from severe weather events across Canada reached C$1.9 billion (US$1.4 billion) in 2018, according to the Insurance Bureau of Canada (IBC), quoting statistics from Catastrophe Indices and Quantification...