US specialty carrier RLI Corp comfortably outpaced Wall Street forecasts with operating profits of $17.8mn, or $0.40 a share for the fourth quarter. In a quarter adversely affected by industry cat losses, the performance was significantly below the $53.9mn, or $1.21 a share generated in the prior-year period. But operating earnings per share were well… Continue reading RLI Posts Strong Earnings Despite Q4 Cat Losses
Tag: catastrophe coverage
Corporate America Tallies the Mounting Costs of Climate Change
Bank of America Corp. worries flooded homeowners will default on their mortgages. The Walt Disney Co. is concerned its theme parks will get too hot for vacationers, while AT&T Inc. fears hurricanes and wildfires may knock out its cell towers. The Coca-Cola Co. wonders if there will still be enough water to make Coke. As… Continue reading Corporate America Tallies the Mounting Costs of Climate Change
Weather Catastrophes Drive Majority of $225 Billion Economic Cost of Natural Perils in 2018
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its Weather, Climate & Catastrophe Insight: 2018 Annual Report. This evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience. The report reveals that 394 natural catastrophe events in… Continue reading Weather Catastrophes Drive Majority of $225 Billion Economic Cost of Natural Perils in 2018
Travelers Underlying Underwriting Results Help Offset Higher Cat Losses
Travelers reported fourth quarter core income broadly in line with Wall Street forecasts despite higher cat losses and lower reserve releases as better underlying underwriting performance, higher investment income and a lower tax rate boosted the bottom line. The US insurance giant also made further steady progress in achieving rate rises on its business insurance… Continue reading Travelers Underlying Underwriting Results Help Offset Higher Cat Losses
Chubb Projects 4Q Net Catastrophe Loss of $585 Million Before Taxes
Chubb Ltd. estimated fourth-quarter catastrophe losses at $585 million before taxes, or $505 million after taxes. In December, Chubb projected losses tied to the California wildfires would amount to about $225 million before taxes and estimated that Hurricane Michael losses would be closer to $250 million. On Friday, it said losses tied to the California… Continue reading Chubb Projects 4Q Net Catastrophe Loss of $585 Million Before Taxes
Climate and Cyber Risks Top Concerns Facing the World in 2019: WEF
The failure to tackle climate change and extreme weather events are the most threatening global risks this year, according to the World Economic Forum. Inability to mitigate or adapt to climate change leapfrogged several places on the list as the second-most likely risk facing the world in 2019 after extreme weather events, the WEF said… Continue reading Climate and Cyber Risks Top Concerns Facing the World in 2019: WEF
PG&E Bankruptcy Threatens California Wildfire Suits, Green-Power Contracts
PG&E Corp.’s plan to file for bankruptcy protection has enormous repercussions for everyone from the homeowners suing the utility for California wildfire damages to the companies that furnish it with green energy. California’s largest utility said Monday it was preparing to file for Chapter 11 protection before the end of the month as it faces… Continue reading PG&E Bankruptcy Threatens California Wildfire Suits, Green-Power Contracts
Swiss Re Estimates Q4 Claims Burden from Large Natural Catastrophes at $1B, Man-Made Losses at Additional $3B in Claims
Swiss Re estimates its preliminary claims burden from recent natural catastrophes in the fourth quarter of 2018 at approximately USD 1.0 billion, mainly affecting reinsurance, and net of retrocession and before tax. Swiss Re anticipates claims from the Camp and Woolsey fires in California to be USD 375 million. The claims burden from Hurricane Michael… Continue reading Swiss Re Estimates Q4 Claims Burden from Large Natural Catastrophes at $1B, Man-Made Losses at Additional $3B in Claims
Judge Proposes PG&E Power Restrictions for Next California Fire Season
A U.S. judge on Wednesday proposed restricting utility PG&E Corp from using power lines deemed to be unsafe during high winds in the 2019 California fire season, adding another complication for the California utility as it faces billions of dollars in wildfire liabilities. In an order, U.S. District Judge William Alsup in San Francisco also… Continue reading Judge Proposes PG&E Power Restrictions for Next California Fire Season
Trump Orders Halt of U.S. Funds for California Wildfires, Forest Management
U.S. President Donald Trump on Wednesday said he has ordered a halt to federal emergency funds for California to fight wildfires and manage its forests unless officials in the western U.S. state can “get their act together.” “Billions of dollars are sent to the State of California for Forrest fires that, with proper Forrest (sic)… Continue reading Trump Orders Halt of U.S. Funds for California Wildfires, Forest Management