Verisk Extreme Event Solutions has released its 2022 Global Modeled Catastrophe Losses Report, which details key global financial loss metrics based on the company’s most recent suite of catastrophe models. Verisk estimates that global catastrophes will cause approximately $123 billion in insured losses per year, compared to an average of $74 billion in actual losses… Continue reading Verisk Report: Global Average Annual Insured Losses from Extreme Events in Excess of $120B
Author: Annie George
Supply Chain Challenges Will Complicate Rebuilding Efforts after Ian
The difficult task of rebuilding communities devastated by Hurricane Ian is expected to be exacerbated by a problem that has persisted since the pandemic’s inception: clogged supply chains. After landing as one of the strongest storms to hit the United States, Ian wreaked havoc across Florida, knocking out power to more than 2 million homes… Continue reading Supply Chain Challenges Will Complicate Rebuilding Efforts after Ian
Will All Floridians Have to Pay for Ian’s Destruction if Insurance Falls Short?
South Florida may be spared a direct hit from Hurricane Ian, but insurance customers in the region and across the state may be forced to help pay the bill if the storm causes significant damage along its final path. While it is too early to predict how much damage the storm will cause, industry analysts… Continue reading Will All Floridians Have to Pay for Ian’s Destruction if Insurance Falls Short?
Cyber Threats Once Again at the Top of Travelers Risk Index
According to the 2022 Travelers Risk Index results, cyber threats have been identified as the top overall concern for business decision makers for the third time in four years. More participants believe today’s business environment is riskier than a year ago, and more than half believe a future cyber attack on their company or organization… Continue reading Cyber Threats Once Again at the Top of Travelers Risk Index
Dozens of Connecticut Towns Sue Pharmacies over Opioid Distribution
29 Connecticut municipalities have filed a federal lawsuit against three of the state’s largest opioid distributors. According to the complaint, “this case arises from the worst man-made epidemic in modern history.” District Court. Bridgeport District Court will meet on Wednesday. Walgreens Boots Alliance Inc., Walmart Inc., CVS Health Corp., and Rite Aid Corp. are named… Continue reading Dozens of Connecticut Towns Sue Pharmacies over Opioid Distribution
$117 Million Wildfire Settlement Reached with PG&E Execs
Former PG&E Corp executives and directors who were accused in a lawsuit of lax oversight of the utility’s safety measures prior to the 2017 North Bay and 2018 Camp wildfires have reached a $117 million settlement. The settlement was announced on Thursday by the PG&E Fire Victim Trust, which compensates victims of fires that the… Continue reading $117 Million Wildfire Settlement Reached with PG&E Execs
Florida’s Already Fragile Property Insurance Market to Incur Billions in Losses Post Ian
Hurricane Ian could be among the costliest in US history. According to Chuck Watson of Enki Research, the massive storm tearing through parts of Florida at 150 mph is expected to cause $30 billion to $60 billion in damages and economic losses. The insurance industry is looking at a loss of $20 billion at the… Continue reading Florida’s Already Fragile Property Insurance Market to Incur Billions in Losses Post Ian
Hurricane Ian Pounds Florida
Hurricane Ian tore through Florida with howling winds, torrential rains and raging surf having caused massive power outages across the state. Rescue workers and residents of Florida’s Gulf Coast are now searching for missing people and picking up the pieces. Ian, one of the most powerful storms to hit the United States’ mainland in recent… Continue reading Hurricane Ian Pounds Florida