RMS®, a Moody’s Analytics company and world-leading risk modeling and solutions provider, estimates total private market insured losses from Hurricane Ian to be between $53 billion and $74 billion, with $67 billion being the best estimate. RMS also estimates that the storm surge and inland flooding could cost the National Flood Insurance Program (NFIP) an… Continue reading RMS Estimates $67 Billion in Insured Losses from Ian
Author: Annie George
Are Historic Homes More Resilient Against Floods?
When historic homes flood, building contractors are frequently compelled by government regulations to remove the water-logged wood flooring, demolish the old plaster walls, and replace them with new, flood-resistant materials. It’s a hurried approach that’s likely to be seen throughout southwest Florida in the aftermath of Hurricane Ian. However, restorers Paige Pollard and Kerry Shackelford… Continue reading Are Historic Homes More Resilient Against Floods?
Carbon Metrics Alone Limited in Managing Risks and Opportunities of Net-Zero Transition
According to a survey of leading investment professionals conducted by WTW, a leading global advisory, broking, and solutions company, carbon metrics alone lack the forward-looking insights needed to assess the financial risks and opportunities of transitioning to a low-carbon economy. The vast majority of survey respondents (85%) rejected carbon metrics as the best way to… Continue reading Carbon Metrics Alone Limited in Managing Risks and Opportunities of Net-Zero Transition
Florida Farmers Assessing Damage to Citrus Industry from Ian
The water has receded, but the stench remains. Emma Reynolds Ezell can’t get over the stench as she surveys the damage done to her orange groves by a night of 100-mile-per-hour winds. It’s nothing like the usual sweet citrus scent that wafts through the air. It’s “swampy” instead: The stench of oozing mud that had… Continue reading Florida Farmers Assessing Damage to Citrus Industry from Ian
Hurricane Ian Will Significantly Impact Wind-Exposed States: MarketScout
Following Hurricane Ian, MarketScout CEO Richard Kerr stated that the storm loss event will have “significant” implications for property rates in Florida and other wind-prone states in the United States. According to MarketScout’s analysis of commercial insurance market rates during the third quarter of 2022, property rates in coastal areas are now expected to rise… Continue reading Hurricane Ian Will Significantly Impact Wind-Exposed States: MarketScout
Amwins Receives Highest Score from AM Best DUAE Performance Assessment
Amwins is first to receive AM Best’s PA-1 score, reflecting the highest standards for underwriting excellence Amwins, a global distributor of specialty insurance products and services, has received AM Best’s highest assessment score for its delegated underwriting authority enterprises (DUAEs) across the firm. Launched this year, AM Best’s Performance Assessment (PA) for Delegated Underwriting Authority Enterprises (DUAEs) is… Continue reading Amwins Receives Highest Score from AM Best DUAE Performance Assessment
A Rise in Gun-Related Incidents at Schools Leads to Beefed-Up Security
This year’s increase in gun-related incidents on school campuses across the country has alarmed parents, students, and educators, prompting some school districts to tighten security measures. Authorities in Rock Hill, South Carolina, recently recovered guns at three schools on three consecutive days, including a middle school where a 14-year-old boy allegedly pulled a handgun on… Continue reading A Rise in Gun-Related Incidents at Schools Leads to Beefed-Up Security
Lloyd’s of London Investigates Possible Network Breach
The commercial insurance market said on Wednesday that Lloyd’s of London is investigating a possible cyber attack, with companies on high alert for intrusions as a result of the conflict between Russia and Ukraine. “Lloyd’s has detected unusual activity on its network and we are investigating the issue,” a Lloyd’s spokesperson said by email, adding… Continue reading Lloyd’s of London Investigates Possible Network Breach
Munich Re Announces Stricter Policies for Investing In and Underwriting Oil and Gas Sector
The world’s largest reinsurer, Munich Re, announced stricter policies for investing in and underwriting oil and gas projects on Thursday, drawing praise from environmentalists. According to the German reinsurer’s website, as of April 2023, it will not invest in or insure projects involving new oil and gas fields or new midstream oil infrastructure. Insurers have… Continue reading Munich Re Announces Stricter Policies for Investing In and Underwriting Oil and Gas Sector
Self-Driving Cars: The Road to Nowhere?
Self-driving cars were meant to be the future. However, prominent critics, including industry pioneer Anthony Levandowski, are becoming more vocal as the losses mount. Jennifer King was awakened at 2 a.m. by a loud, high-pitched hum from the first car. “It sounded like a hovercraft,” she says, but that’s not the strange part. King lives… Continue reading Self-Driving Cars: The Road to Nowhere?