Carriers are on the hook for $80bn for losses stemming from natural catastrophes in 2018, according to Munich Re. The reinsurance giant said that insured losses were substantially above the inflation-adjusted average for the last 30 years of $41bn. However, Munich Re said the cat bill (re)insurers would have to pick up in 2018 was… Continue reading Natural Catastrophe Insured Losses Hit $80B in 2018: Munich Re
Tag: catastrophe coverage
As Fires Ravaged California, Utilities Lobbied Lawmakers for Protection
As California’s deadliest wildfire was consuming the town of Paradise in November, some of the state’s top power company officials and a dozen legislators were at an annual retreat at the Fairmont Kea Lani resort on Maui. In the course of four days, they discussed wildfires — and how much responsibility the utilities deserve for… Continue reading As Fires Ravaged California, Utilities Lobbied Lawmakers for Protection
Insurers Sue PG&E Over Northern California’s Camp Fire As Insurance Claims Hit Billions
Three major insurance companies are suing PG&E over the billions of dollars in claims they expect to face from the Camp Fire. The lawsuits, by Allstate Insurance Co., State Farm and USAA, represent another potentially staggering blow to PG&E, which has already acknowledged that problems occurred on a high-voltage transmission tower near the spot where… Continue reading Insurers Sue PG&E Over Northern California’s Camp Fire As Insurance Claims Hit Billions
Trump Administration Delays Billions Allocated for Storm Protection
The Trump administration is sitting on billions of dollars intended to help vulnerable cities and states prepare for extreme weather, prompting growing criticism from state officials worried about the next storm season. In February, following a string of severe natural disasters in 2017, Congress provided a record $16 billion for disaster mitigation — building better… Continue reading Trump Administration Delays Billions Allocated for Storm Protection
Puerto Rico’s Recovery Following Hurricanes Brings Opportunity to Improve
As 2018 ends, Puerto Rico’s transformation from hurricanes Irma and Maria has pivoted toward making the island stronger and more resilient. The island’s long-term recovery envisions enhanced infrastructure and communities more capable of withstanding events like the 2017 hurricanes. The Government of Puerto Rico and FEMA have collaborated on several recovery projects that meet these… Continue reading Puerto Rico’s Recovery Following Hurricanes Brings Opportunity to Improve
Allstate Announces Impact of California Wildfires
Allstate today announced estimated catastrophe losses for the month of November 2018 of $685 million, pre-tax ($541 million, after-tax). Catastrophe losses occurring in November comprised six events at an estimated cost of $679 million, pre-tax ($536 million, after-tax), plus unfavorable reserve reestimates of prior reported catastrophe losses. Allstate previously announced $202 million, pre-tax ($160 million,… Continue reading Allstate Announces Impact of California Wildfires
Hurricane Michael Insured Damage Totals Hit $4.3 Billion
Two months after Hurricane Michael devastated the Panhandle region, insured losses from damages have hit $4.3 billion, according to the Florida Office of Insurance Regulation. As of Dec. 7, about 131,500 claims were filed from the October Category 4 storm. Just over half of the claims have been paid thus far, and about 67 percent… Continue reading Hurricane Michael Insured Damage Totals Hit $4.3 Billion
PURE Expands E&S Wildfire Offering
High net worth (HNW) insurer The PURE Group has expanded its MGA offering in wildfire-struck California to provide broader coverage to high value, high-risk homes than would normally be available in the excess and surplus lines (E&S) market. In a statement, the White Plains, New York-based carrier said the offering through its PURE Programs division… Continue reading PURE Expands E&S Wildfire Offering
Peak Re Unveils $75M Sidecar Lion Rock Re
Hong Kong-headquartered Peak Re has unveiled a $75mn special purpose insurer (SPI) which it describes as Asia’s first-ever sidecar. Structured by Aon Securities, Lion Rock Re will write a quota share of Peak Re’s global property reinsurance portfolio via a Bermudian SPI, Lion Rock Re Ltd. Named after the famous Hong Kong rock, it is… Continue reading Peak Re Unveils $75M Sidecar Lion Rock Re
U.S. Wildfire Costs to Exceed $10B for Second Year Running: Aon Catastrophe 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 November 2018. The report reveals that a series of major wildfires burned across Northern and Southern California throughout the month; the most catastrophic, the Camp Fire… Continue reading U.S. Wildfire Costs to Exceed $10B for Second Year Running: Aon Catastrophe Report