The Allstate Corp. announced estimated catastrophe losses for the month of October 2018 of $202 million, pretax ($160 million, after-tax). Catastrophe losses occurring in October comprised eight events at an estimated cost of $174 million, pretax, plus unfavorable reserve re-estimates of prior reported catastrophe losses. Hurricane Michael, which made landfall on Oct. 10, accounted for… Continue reading Hurricane Michael Leads Allstate to $202M in Losses During October
Tag: catastrophe coverage
Camp Fire Victims in Northern California Sue PG&E
Two dozen victims of the Camp Fire sued Pacific Gas & Electric Co. and its parent corporation in San Francisco Superior Court on Tuesday, alleging in part that the utility’s “corporate culture” was to blame for the devastating blaze. The lawsuit also alleges that the wildfire ignited in Pulga on Nov. 8 because PG&E did… Continue reading Camp Fire Victims in Northern California Sue PG&E
California Wildfires Making State’s Insurance Crisis Even Worse
The Camp Fire in Northern California and the Woolsey Fire in suburban Los Angeles continue to burn, with the death toll reaching 48 as weather remains dry throughout the state. More than 6,700 structures have been lost in the raging fires in California. The total cost to the state, insurers and homeowners is expected to… Continue reading California Wildfires Making State’s Insurance Crisis Even Worse
Investors Flee As PG&E Faces Scrutiny Over Cause of Northern California’s Camp Fire
Investors are bailing out on PG&E as the troubled utility potentially faces more financial liability from the Camp Fire in Butte County, one of the state’s most deadly wildfires. PG&E’s stock price has fallen by one third since the utility disclosed to state regulators late Thursday that one of its transmission lines suffered an outage… Continue reading Investors Flee As PG&E Faces Scrutiny Over Cause of Northern California’s Camp Fire
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
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
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
Devastating Storms May Spur Action on Disaster Preparation
Hurricane Michael’s devastation could spur policymakers to better prepare vulnerable communities for the effects of climate change. The images of entire towns in Florida’s panhandle all but erased by storm surges, as well as accounts of bodies pulled from shattered homes, offer potent evidence of the need to rethink how and where Americans build homes,… Continue reading Devastating Storms May Spur Action on Disaster Preparation
After Hurricane Michael, Residents Determined to Rebuild Shattered City
Half of Natalie Shoaf’s home is gone and it is unclear when water or power service will be restored, but she plans to rebuild in this place she calls “small-town U.S.A. on the water.” Days after Hurricane Michael turned this beachside community into a wreckage-strewn disaster, the longtime resident and others are talking about how… Continue reading After Hurricane Michael, Residents Determined to Rebuild Shattered City
Michael Will Cost Insurers Billions, But Won’t Overwhelm Industry, Analysts Say
Analysts are estimating that Hurricane Michael has caused billions of dollars of damage and will create a substantial loss for insurers, but the industry is expected to cope — once again avoiding the kind of meltdown that Florida saw in the 1990s, after Hurricane Andrew. It’s still too early for a full accounting of the… Continue reading Michael Will Cost Insurers Billions, But Won’t Overwhelm Industry, Analysts Say