Pension funds, endowments, wealthy families and other large investors could be on the hook for a portion of damages caused by Hurricane Michael, which intensified Wednesday. The exposure for these large investors stems from their ownership in catastrophe bonds, which are issued by insurers or entities seeking insurance. The investors receive interest payments but can… Continue reading Many Pensions and Endowments Are Exposed to Hurricane Michael
Tag: flood insurance
FL Governor Declares State of Emergency as Hurricane Michael Heads for Sunshine State
Tropical Storm Michael has been upgraded to a hurricane as it churns in the Gulf and is forecast to become a major Category 3 storm when it makes landfall in the Florida Panhandle later this week. Florida Gov. Rick Scott has now declared a state of emergency in 35 counties ahead of its predicted landfall… Continue reading FL Governor Declares State of Emergency as Hurricane Michael Heads for Sunshine State
Arizona University Researchers Collaborate to Forecast, Track Flooded Infrastructure
The National Science Foundation has awarded a $1.5 million Smart and Connected Communities grant to a team of researchers at Arizona’s three public universities to develop a network that integrates existing technologies and crowdsourced data to improve real-time knowledge of flooding and enhance communication during flood events. The Integrated Flood Stage Observation Network (IFSON) will… Continue reading Arizona University Researchers Collaborate to Forecast, Track Flooded Infrastructure
FEMA Spends Billions in ‘Cycle’ of Damage and Repair As Storms Keep Coming
In the exact spot where Hurricane Katrina demolished the Plaquemines Parish Detention Center, a new $105 million jail now hovers 19 feet above the marsh, perched atop towering concrete pillars. Described by a state official as the “Taj Mahal” of Louisiana corrections, it has so much space that one of every 27 parish residents could… Continue reading FEMA Spends Billions in ‘Cycle’ of Damage and Repair As Storms Keep Coming
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
The Rising Costs of Hurricanes
Counties along the U.S. shoreline that endured hurricane-strength winds from Florence in September experienced a surge in population from 1980 to 2017, with an increase of 95 people per square mile—more than double the density. Overall, Gulf and East Coast shoreline counties, those vulnerable to hurricane strikes, increased by 160 people per square mile, compared… Continue reading The Rising Costs of Hurricanes
Weather-Related Catastrophes Drove Losses, But Capacity of Insurance Industry Continues to Grow
From Atlantic hurricanes and California wildfires to drought in Europe, extreme weather-related events made 2017 one of the most costly on record for the global insurance industry, but insurers’ capacity to meet their losses continues to grow. That is according to the 2018 Insurance Market Report from Aon, a leading global professional services firm providing… Continue reading Weather-Related Catastrophes Drove Losses, But Capacity of Insurance Industry Continues to Grow
RMS Estimates Insured Losses from Hurricane Florence May Be Up to $5 Billion
RMS, a global risk modeling and analytics firm, has estimated that the insured loss for Hurricane Florence will be between USD $2.8 billion and USD $5 billion. This estimate represents insured losses associated with wind, storm surge, and inland flood damage across North Carolina, South Carolina, and Virginia, including losses to the National Flood Insurance… Continue reading RMS Estimates Insured Losses from Hurricane Florence May Be Up to $5 Billion
South Carolina Faces More Flooding as Rivers Continue to Crest
Parts of South Carolina continued to deal with severe flooding Tuesday while bracing for more to come, 11 days after Hurricane Florence made landfall. The slow-moving storm dumped trillions of gallons of rain across the Carolinas, and the water continued to make its way down swollen rivers back to the ocean. Though North Carolina took… Continue reading South Carolina Faces More Flooding as Rivers Continue to Crest