Insurance Commissioner Ricardo Lara submitted his insurance pricing regulation to the California Office of Administrative Law that would recognize and reward wildfire safety and mitigation efforts made by homeowners and businesses. The regulation is the first in the nation requiring insurance companies to provide discounts to consumers under the Safer from Wildfires framework created by… Continue reading CA Commissioner Lara Submits First-in-Nation Wildfire Safety Regulation to Drive Down Insurance Costs
Tag: catastrophe insurance
Colorado State, NOAA Forecasters Lower Predictions While Reaffirming Busy Hurricane Season
Colorado State University (CSU) and the National Oceanic and Atmospheric Administration (NOAA) updated their forecasts for the 2022 Atlantic hurricane season on Thursday. Both organizations have reduced the number of named storms forecasted from earlier outlooks, but they both say you should still prepare for an active season. “We’re lowering our forecast numbers slightly,” said… Continue reading Colorado State, NOAA Forecasters Lower Predictions While Reaffirming Busy Hurricane Season
A Streak of Hurricanes Is Set to Persist in the Atlantic
The pattern that’s emerged over the last decade is devastatingly clear: Atlantic hurricanes are becoming more violent, frequent and costly. This year is forecast to add more even more evidence. The 2022 season, which officially kicks off Wednesday, is expected to be the record seventh straight year with an above-average number of storms that reach… Continue reading A Streak of Hurricanes Is Set to Persist in the Atlantic
SageSure Secures $375 Million Senior Credit Facility
SageSure, a leading managing general underwriter and insurance technology innovator, has secured a $375 million senior credit facility from funds managed by the U.S. Direct Lending and Alternative Credit strategies of Ares Management Corporation. Proceeds of the transaction will be used to refinance SageSure’s existing bank facility and to support strategic growth initiatives. “SageSure continues… Continue reading SageSure Secures $375 Million Senior Credit Facility
Why Snow, Hail and Wildfire Are Expensive for the Insurance Industry
If you’re having trouble wrapping your mind around the spree of natural catastrophes currently plaguing the world—from deadly July floods in Germany and China to the wildfires still burning in Greece, California and Siberia —you may be interested to know the professional risk calculators are too. Climate change is exacerbating extreme and freak weather events… Continue reading Why Snow, Hail and Wildfire Are Expensive for the Insurance Industry
Severe Weather Events Drive Global Insured Catastrophe Losses of $42B in H1 2021: Swiss Re
A deep winter freeze, hailstorms and wildfires contributed to natural catastrophe losses of $40 billion in the first half of 2021, according to Swiss Re Institute’s preliminary sigma estimates.[1] This is above the previous ten-year average of $33 billion and the second highest on record for a first half after 2011, when major earthquakes in… Continue reading Severe Weather Events Drive Global Insured Catastrophe Losses of $42B in H1 2021: Swiss Re
Reinsurers Adjusting Risk Appetite after Califorina Wildfires: S&P
Reinsurers have reassessed their risk appetites following successive above-average catastrophe years, especially those from the California wildfires, according to S&P Global Ratings analysts. The California wildfires of 2017 and 2018 caused roughly $33 billion in insured losses, surprising re/insurers as losses were outside of the market understanding of the risk and affected both property and… Continue reading Reinsurers Adjusting Risk Appetite after Califorina Wildfires: S&P
California Weighs Overhauling Utility Regulator After PG&E Bankruptcy
Gov. Gavin Newsom is considering overhauling California’s regulator of power and water companies as he and other state leaders race to prepare for another wildfire season. Mr. Newsom, a Democrat, discussed the idea at a meeting with legislative leaders and analysts from S&P Global Ratings in his office last week, according to people with knowledge… Continue reading California Weighs Overhauling Utility Regulator After PG&E Bankruptcy
Recovery from Hurricane Harvey Has Been Very Inconsistent
For 12 years, the United States enjoyed a prolonged hurricane drought, with no major hurricane-strength storms making landfall. That was certainly good news in the Gulf of Mexico. Unfortunately, Hurricane Harvey eventually broke that streak, causing widespread devastation across Texas. Hurricane Harvey caused over 100 deaths and $115 billion in estimated damage, on par with… Continue reading Recovery from Hurricane Harvey Has Been Very Inconsistent
Florida Insurers Remain Stable Due to Reinsurance Protection: Demotech
Financial analysis firm Demotech has affirmed the financial stability ratings (FSRs) of 51 Florida property insurers after reviewing the quality and quantity of the companies’ reinsurance protection. Based on its compilation of the year-end 2018 financial information of these carriers, Demotech concluded that their reinsurance programs were sufficient to expect reimbursement for outstanding losses and… Continue reading Florida Insurers Remain Stable Due to Reinsurance Protection: Demotech