There’s bad news for those looking for comfort in the face of flooding that’s inundated cities in China, Germany and India and wildfires that have consumed suburbs in California, Canada, and Australia: The insurance industry isn’t planning on hanging around to bail you out. An insurance rescue mission is such a routine aspect of natural… Continue reading Insurers Won’t Save a Heating World from Floods and Fire: Bloomberg Opinion
Tag: catastrophe
U.S. Wildfires Seen Costing Insurers Under $3 Billion
Insurance industry losses from U.S. wildfires so far this year could total less than $3 billion, according to an estimate from one insurance analyst. Cathy Seifert, insurance analyst at CFRA Research, notes that more than 40,000 wildfires, mostly concentrated on the West Coast, have burned more 4.7 million acres through Sept. 8, based on the… Continue reading U.S. Wildfires Seen Costing Insurers Under $3 Billion
Moody’s Pegs Florence’s Economic Cost at $38 Billion to $50 Billion
After a week of heavy rains and record flooding, initial estimates for the damage that Florence wrought on the Carolinas rank the storm among history’s top hurricanes, but far below last year’s trio of powerful cyclones. Moody’s Analytics on Friday estimated the economic cost of Florence to be between $38 billion and $50 billion including… Continue reading Moody’s Pegs Florence’s Economic Cost at $38 Billion to $50 Billion
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
East Coast Bracing for Massive Hurricane as More than 1 Million Face Mandatory Evacuation
Hurricane Florence has potential to cause “massive damage” to parts of the southeastern and mid-Atlantic United States — and not just in the coastal areas where the storm aims to make landfall Thursday night, officials warned. More than 1 million people face mandatory evacuation orders Tuesday in coastal areas of Virginia, North Carolina and… Continue reading East Coast Bracing for Massive Hurricane as More than 1 Million Face Mandatory Evacuation
Study Commissioned by Governor Shows Hurricane Maria Death Toll at Nearly 3,000
The death toll in Puerto Rico from Hurricane Maria last year was nearly 3,000, far more than prior estimates and the original official count of 64, according to a long-awaited study commissioned by the island’s governor. The report, by researchers at George Washington University’s Milken Institute School of Public Health, estimated there were 2,975 excess… Continue reading Study Commissioned by Governor Shows Hurricane Maria Death Toll at Nearly 3,000