Property and auto-focused insurance group, Progressive, has revealed a significant rise in catastrophe losses for the second quarter of 2023, driven by a surge in severe weather events across the US.
Tag: catastrophic losses
Facing Big Storm Losses, Insurers Aim to Boost Rates
A wave of severe storms that brought hail and high winds to places such as Texas and a string of states in the central U.S. in recent months is wreaking havoc on insurers’ profits.
Nationwide Latest Major U.S. Insurer to Pull-Back, Citing Cat Weather Losses & Inflation
Nationwide Mutual Insurance is the latest major US carrier to announce that it is pulling-back, due to catastrophic weather losses and inflation among other reasons.
Property Insurers Curb New Policies in Cat-Prone Areas Nationally
Insurance companies are pulling back on homeowners’ policies in vulnerable areas nationally out of fear of floods, storms and fires made worse by climate change and soaring costs of rebuilding.
Reinsurance Market Grappling with Cat Losses, Capital Unwinding: Swiss Re
In a challenging market environment, the reinsurance industry is grappling with significant hurdles as catastrophe losses surge and the reliance on external capital becomes increasingly vulnerable.
Best’s Special Report: Catastrophe Losses Drive 2021 US P/C Insurer Impairments
Seventeen insurance company impairments were identified in the U.S. property/casualty industry in 2021, with seven impacted by catastrophe losses resulting from hurricanes, primarily in Louisiana and Florida, according to an AM Best report.
USI: Property Lines with Poor Loss History to See Rate Hikes Up to 150%
According to USI Insurance Services, cat or non-cat property with a poor loss history or risk quality may see rate increases of up to 150% in the first half of 2023.
Are Historic Homes More Resilient Against Floods?
When historic homes flood, building contractors are frequently compelled by government regulations to remove the water-logged wood flooring, demolish the old plaster walls, and replace them with new, flood-resistant materials. It’s a hurried approach that’s likely to be seen throughout southwest Florida in the aftermath of Hurricane Ian. However, restorers Paige Pollard and Kerry Shackelford… Continue reading Are Historic Homes More Resilient Against Floods?
Could Reform of Hurricane Catastrophe Fund Help Solve Florida Insurance Crisis?
Florida lawmakers will return to the state capitol next month to address the state’s property insurance crisis, and insurance experts say one proposal could save homeowners $150 per year right away. The short-term solution entails making insurance more affordable for insurance companies. The man behind the majority of Florida insurance company ratings paints a bleak… Continue reading Could Reform of Hurricane Catastrophe Fund Help Solve Florida Insurance Crisis?
Natural Disaster Figures for 2020 Reflect Record Hurricane Season, Historic Wildfires
Global losses from natural disasters in 2020 came to $210bn, of which some $82bn was insured. Both overall losses and insured losses were significantly higher than in the previous year (2019: $166bn and $57bn respectively). The US share of losses was rather high: Natural disasters in the US accounted for US$ 95bn (2019: $51bn) of… Continue reading Natural Disaster Figures for 2020 Reflect Record Hurricane Season, Historic Wildfires