The Woolsey Fire made a destructive march through Ventura and Los Angeles counties on Thursday, destroying numerous suburban homes, closing freeways and causing portions of cities from Calabasas and Thousand Oaks to Malibu to be evacuated. The 8,000 acre fire jumped the 101 Freeway Friday morning and was making a march toward the Pacific Ocean,… Continue reading California Fire Forces Mass Evacuations from Malibu to Calabasas; Many Homes Lost
Tag: cat coverage
AXIS Capital Estimates Up to $120M in Hurricane Michael Losses
Bermudian reinsurance group AXIS Capital has released a preliminary pre-tax loss estimate for losses related to Hurricane Michael in the fourth quarter, which it puts in the range of $100 million to $120 million. AXIS said that its estimate was consistent with industry insured losses of approximately $10 billion. This compares with the recent industry… Continue reading AXIS Capital Estimates Up to $120M in Hurricane Michael Losses
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
A Record $1.6 Billion in ILS Capacity Issued in 3Q: Willis Re
A record-high $1.6 billion of non-life Insurance-Linked Securities (ILS) capacity was issued in Q3, 2018, highlighting the continued enthusiasm for ILS amongst issuers and investors. The total exceeds the former Q3 record of $1.4 billion achieved in 2013, and is well ahead of the five-year average of $800 million, according to the new ILS Market… Continue reading A Record $1.6 Billion in ILS Capacity Issued in 3Q: Willis Re
Damage from Florence in North Carolina at $17B: State Officials Report
State officials now say the damage in North Carolina from Hurricane Florence has approached $17 billion, an increase from a previous estimate. The Office of State Budget and Management said in a news release the latest figure is based on new data from the N.C. Department of Insurance. The previous figure of $13 billion was… Continue reading Damage from Florence in North Carolina at $17B: State Officials Report
Hurricane Michael to Test Florida’s Unique Insurance Market
Much of the damage to homes from Hurricane Michael will be paid by an array of small, little-known insurers, backed up by larger reinsurance companies around the globe. Florida is an oddball insurance market for homeowners, where household-name companies like State Farm and Allstate Corp. don’t have the outsize roles they do in other states.… Continue reading Hurricane Michael to Test Florida’s Unique Insurance Market
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
Many Pensions and Endowments Are Exposed to Hurricane Michael
Pension funds, endowments, wealthy families and other large investors could be on the hook for a portion of damages caused by Hurricane Michael, which intensified Wednesday. The exposure for these large investors stems from their ownership in catastrophe bonds, which are issued by insurers or entities seeking insurance. The investors receive interest payments but can… Continue reading Many Pensions and Endowments Are Exposed to Hurricane Michael
FL Governor Declares State of Emergency as Hurricane Michael Heads for Sunshine State
Tropical Storm Michael has been upgraded to a hurricane as it churns in the Gulf and is forecast to become a major Category 3 storm when it makes landfall in the Florida Panhandle later this week. Florida Gov. Rick Scott has now declared a state of emergency in 35 counties ahead of its predicted landfall… Continue reading FL Governor Declares State of Emergency as Hurricane Michael Heads for Sunshine State
Hurricane Florence’s Force Is Still Felt in North Carolina Weeks Later
Nearly three weeks after Hurricane Florence made landfall on the North Carolina coast, some students are only just returning to school Thursday. Though floodwaters have largely receded, the storm’s effects are still being felt in nearly every aspect of life in eastern North Carolina. School is still out in much of the eastern part of… Continue reading Hurricane Florence’s Force Is Still Felt in North Carolina Weeks Later