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
Tag: cat coverage
Weather-Related Catastrophes Drove Losses, But Capacity of Insurance Industry Continues to Grow
From Atlantic hurricanes and California wildfires to drought in Europe, extreme weather-related events made 2017 one of the most costly on record for the global insurance industry, but insurers’ capacity to meet their losses continues to grow. That is according to the 2018 Insurance Market Report from Aon, a leading global professional services firm providing… Continue reading Weather-Related Catastrophes Drove Losses, But Capacity of Insurance Industry Continues to Grow
South Carolina Faces More Flooding as Rivers Continue to Crest
Parts of South Carolina continued to deal with severe flooding Tuesday while bracing for more to come, 11 days after Hurricane Florence made landfall. The slow-moving storm dumped trillions of gallons of rain across the Carolinas, and the water continued to make its way down swollen rivers back to the ocean. Though North Carolina took… Continue reading South Carolina Faces More Flooding as Rivers Continue to Crest
Hurricane Florence Has Gone, But Challenges for the Carolinas Have Just Begun
It will not be easy drying out, fixing up and rethinking whole ways of life in a region drenched and deeply shaken by more than eight trillion gallons of rain. But that is the challenge facing the Carolinas after Hurricane Florence and a wearying week of heroic rescues, hard choices, potential environmental crises — including… Continue reading Hurricane Florence Has Gone, But Challenges for the Carolinas Have Just Begun
Aftermath of Hurricane Florence Estimated to Have Caused Between $20 and $30 Billion in Flood and Wind Losses
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced updated residential and commercial flood and wind loss estimates for Hurricane Florence. According to this new data analysis, flood loss for residential and commercial properties in North Carolina, South Carolina and Virginia is estimated to be between $19 billion and $28.5 billion… Continue reading Aftermath of Hurricane Florence Estimated to Have Caused Between $20 and $30 Billion in Flood and Wind Losses
Head of NFIP Says Agency Ready for Onslaught of Florence Claims
The head of the National Flood Insurance Program told CNBC’s “Squawk on the Street” Monday that the government is prepared to handle the anticipated rash of claims filed by homeowners in the upcoming days and weeks. “As the days continue, we’ll be able to start to get the number of claims being submitted, get adjusters… Continue reading Head of NFIP Says Agency Ready for Onslaught of Florence Claims
Air Worldwide Estimates Florence Damage Between $1.7B and $4.6B
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses resulting from Hurricane Florence’s winds and storm surge will range from $1.7 billion to $4.6 billion. Note that these estimates do not include the impact of the ongoing flooding from Hurricane Florence’s unprecedented precipitation. “Hurricane Florence, once a Category 4 storm, made landfall near… Continue reading Air Worldwide Estimates Florence Damage Between $1.7B and $4.6B
Hurricane Florence Creating Housing Shortage for Displaced North Carolinians
Finding temporary housing for thousands of North Carolinians displaced by Hurricane Florence could prove more difficult than it was for those uprooted by other recent U.S. storms and hurricanes. That is because Florence’s path blew through some of the state’s smaller cities, where much of the rental housing stock is owned by mom-and-pop landlords. Places… Continue reading Hurricane Florence Creating Housing Shortage for Displaced North Carolinians
Atlantic Ocean May Get 5 Named Storms at Once
For tropical storms, two’s company, three’s a crowd and five is, well, unprecedented. Maybe not for long. Weather forecasters are watching a disturbance in the western Gulf of Mexico that has a 50 percent chance of becoming Tropical Storm Kirk in the next two days, according to the National Hurricane Center. That would make five… Continue reading Atlantic Ocean May Get 5 Named Storms at Once
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