The coronavirus outbreak in China is hitting the country’s manufacturing nerve centers, as measures including an unusual decision to extend the Lunar New Year holiday lengthen plant shutdowns in industrial centers. The Chinese government said Monday that the weeklong holiday would be extended by three days to Feb. 2 to curb the spread of the… Continue reading China’s Industrial Core at Standstill as Cities Extend Shutdown in the Wake of Coronavirus
Tag: business interruption
U.K. Bill Allows Pool Re to Cover Non-Damage Business Interruption in the Wake of Terrorism Attack
Pool Re today welcomed Royal Assent being given to the Counter-Terrorism and Border Security Bill 2018 which will allow Pool Re to cover losses incurred if a business cannot trade or is prevented from accessing its premises in the wake of a terrorist attack. Before the law was changed, Pool Re could only reinsure losses… Continue reading U.K. Bill Allows Pool Re to Cover Non-Damage Business Interruption in the Wake of Terrorism Attack
California Wildfires Cause Devastating Losses Between $15B-$19B: CoreLogic
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced updated residential and commercial loss estimates for the recent catastrophic wildfires in California. According to this new data analysis, total losses from the Camp Fire, the most destructive wildfire in the state’s history, are estimated to be between $11 billion and $13… Continue reading California Wildfires Cause Devastating Losses Between $15B-$19B: CoreLogic
Deadly California Fires Prompt Bold Thinking About Prevention: Shelters, Strict Zoning, Buyouts
Over the years, California has told homeowners to clear brush around houses, required builders to use fire-resistant materials and ordered them to provide easy access to new developments. But that didn’t prevent the deaths of 43 people in last year’s wine country fire siege. It didn’t prevent the destruction of more than 1,400 structures in… Continue reading Deadly California Fires Prompt Bold Thinking About Prevention: Shelters, Strict Zoning, Buyouts
Hurricane Michael Expected to Leave $15Bn Financial Impact on US Economy: Aon Cat Report
Aon’s Impact Forecasting team today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during October 2018. The report reveals that Hurricane Michael killed 45 people in the United States, as it became the strongest tropical cyclone on record to strike… Continue reading Hurricane Michael Expected to Leave $15Bn Financial Impact on US Economy: Aon Cat Report
The Rising Costs of Hurricanes
Counties along the U.S. shoreline that endured hurricane-strength winds from Florence in September experienced a surge in population from 1980 to 2017, with an increase of 95 people per square mile—more than double the density. Overall, Gulf and East Coast shoreline counties, those vulnerable to hurricane strikes, increased by 160 people per square mile, compared… Continue reading The Rising Costs of Hurricanes
Why Florence Is Dangerous for Insurers
Some hurricanes are worse than others—both for people in the way and the insurance industry that tries to understand storms and put a price on their risks. Hurricane Florence is highly unusual both because of where it is heading and the storm surges and flooding it might bring. That could be painful for the industry… Continue reading Why Florence Is Dangerous for Insurers
To Prep for Hurricane Florence, Investors Sell Off Insurers
Hurricanes almost always set off an orchestrated dance on Wall Street before they make landfall, with shares of property and casualty insurance companies dumped in favor of companies that sell construction supplies or portable generators. That routine began a week ago, though Hurricane Florence appears to be turning up the volume this time. The last… Continue reading To Prep for Hurricane Florence, Investors Sell Off Insurers
Insurers Expect Significant Loss of Income Claims from Florence as Businesses Shut Down
Days before Hurricane Florence is expected to slam into the U.S. East Coast, insurers are starting to see potential claims costs tick upward as people flee and companies halt operations. Evacuations, already affecting more than 1 million people in and around North Carolina, start the clock ticking on business-interruption insurance policies, which help replace lost… Continue reading Insurers Expect Significant Loss of Income Claims from Florence as Businesses Shut Down