PG&E Corp.’s bankruptcy could mark a business milestone: the first major corporate casualty of climate change. Few people expect it will be the last. California’s largest utility was overwhelmed by rapid climatic changes as a prolonged drought dried out much of the state and decimated forests, dramatically increasing the risk of fire. On Monday, PG&E… Continue reading PG&E: The First Climate-Change Bankruptcy, Probably Not the Last
Tag: catastrophic coverage
Arch Ups Q4 Cat Loss Range to $130M to Include Wildfires
Arch Capital now expects to take pre-tax losses from fourth quarter 2018 cat events of $110mn to $130mn, primarily from Hurricane Michael and the devastating California wildfires. The Bermudian (re)insurer said that the loss range included a series of other small events and was net of reinsurance recoveries and reinstatement premiums. The company had previously… Continue reading Arch Ups Q4 Cat Loss Range to $130M to Include Wildfires
Early Forecast for 2019 Hurricane Season Is Out
An early outlook for the 2019 Atlantic hurricane season offers hope that the atmosphere will take a break following two frenetic years of tropical cyclone activity but notes that Mother Nature is giving no clear signal of her intent. Colorado State University’s first review of global climate patterns that could influence the 2019 hurricane season… Continue reading Early Forecast for 2019 Hurricane Season Is Out
Wildfires in California Blamed on Bad Building Decisions
California’s deadly wildfires have a straightforward solution, experts say: stop building homes in places that are likely to burn — and make homes that already exist in those areas a whole lot tougher. That approach, wildfire and climate policy experts are quick to add, would be expensive and unpopular, especially in a state with both… Continue reading Wildfires in California Blamed on Bad Building Decisions
Buffett’s Berkshire Doubles Profit, Repurchases $900 Million Stock in Third Quarter
Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, said its quarterly operating profit doubled as its insurance business dodged hurricanes and benefited from lower taxes. The strong result gives Buffett more cash to deploy even as the well-known bargain-hunting “value” investor has admitted struggling to find a place to put those earnings to… Continue reading Buffett’s Berkshire Doubles Profit, Repurchases $900 Million Stock in Third Quarter
AIR Worldwide Develops Advanced Probabilistic Model for Global Cyber Risks
Catastrophe risk modeling firm AIR Worldwide today announced it has developed a probabilistic model for cyber risk capable of accounting for security breach and cloud service provider downtime incidents for insurance portfolios worldwide. The new model will be included in the latest release of ARC (Analytics of Risk from Cyber), AIR’s cyber risk modeling and… Continue reading AIR Worldwide Develops Advanced Probabilistic Model for Global Cyber Risks
Hurricane Florence’s Force Is Still Felt in North Carolina Weeks Later
Nearly three weeks after Hurricane Florence made landfall on the North Carolina coast, some students are only just returning to school Thursday. Though floodwaters have largely receded, the storm’s effects are still being felt in nearly every aspect of life in eastern North Carolina. School is still out in much of the eastern part of… Continue reading Hurricane Florence’s Force Is Still Felt in North Carolina Weeks Later
Climate Change Is Forcing the Insurance Industry to Recalculate
When a wildfire engulfed the Canadian oil-sands boomtown of Fort McMurray two years ago, it hit insurance company Aviva PLC out of nowhere. The British firm had been active in Canada since 1835. Its actuaries long believed wildfire risk to homes in the area was almost nonexistent, it says. Yet flames on the town’s outskirts… Continue reading Climate Change Is Forcing the Insurance Industry to Recalculate
Air Worldwide Estimates Florence Damage Between $1.7B and $4.6B
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses resulting from Hurricane Florence’s winds and storm surge will range from $1.7 billion to $4.6 billion. Note that these estimates do not include the impact of the ongoing flooding from Hurricane Florence’s unprecedented precipitation. “Hurricane Florence, once a Category 4 storm, made landfall near… Continue reading Air Worldwide Estimates Florence Damage Between $1.7B and $4.6B