Economic losses have been increasing since a cargo ship lost power and collided with a huge bridge in Baltimore last week, causing it to collapse and kill six people.
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Aon: April Renewals Herald Buyers’ Market with Ample Property Cat Capacity
A property catastrophe market in transition suggests a buyers’ market at April reinsurance renewals, according to broker Aon.
U.S. Home Insurance Premiums May Hit a Record This Year, Report Warns
U.S. home insurance rates are expected to reach a record high this year, with the biggest increases occurring in states prone to severe weather events, according to a new analysis.
Investigation Launches for ‘Complex and Expensive’ Baltimore Bridge Marine Disaster
Lloyd’s Chief Executive Officer John Neal sees a “complex and expensive” industry loss after a container ship crashed into a Baltimore bridge, and a marine insurer has outlined the structure of the investigation into the disaster.
Senior Housing Rebounds as Boomers Move In
The outlook is finally brightening for investors in the senior-housing market, many of whom bet billions of dollars that the aging of the baby boom would send rents and occupancies soaring.
AM Best Downgrades State Farm General
AM Best has downgraded the Financial Strength Rating (FSR) to B (Fair) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” (Fair) from “a” (Excellent) of State Farm General Insurance Company (State Farm General) (Bloomington, IL).
Fruit and Vegetables Farmers Find Difficulty Getting Crop Insurance
Farmers who grow fresh fruits and vegetables are often finding crop insurance prohibitively expensive — or even unavailable — as climate change escalates the likelihood of drought and floods capable of decimating harvests.
Insurers Could Face Losses of Up to $4B after Baltimore Bridge Tragedy
Baltimore’s Francis Scott Key Bridge collapse could cost insurers billions of dollars in claims, analysts say, with one putting it at as much as $4 billion, which would make the tragedy a record shipping insurance loss.
Port of Baltimore’s Indefinite Closure Deals Blow to City, State Economy
The collapse of the Francis Scott Key Bridge on Tuesday after it was struck by a container ship has disrupted the Port of Baltimore’s container shipping services, which will impact the economy of the city and beyond, analysts said.
Explosive Atlantic Hurricane Season Predicted for 2024: AccuWeather
The Atlantic hurricane season officially gets underway on June 1 and runs through the end of November, and AccuWeather’s team of long-range forecasters say now is the time to prepare for a frenzy of tropical systems. There are signs that the first named system could spin up before the season kicks off as the calendar flips to June, a precursor of what’s to come.