Thunderstorms and sudden, unpredictable wind storms called derechos are becoming a bigger threat to your summer travel plans.
Tag: hail
Aon: U.S. Insurers Incur Billions of Dollars in Losses from May 16-22 Severe Storms
Severe convective storms May 16-22, including a derecho system that charged across Gulf states from Texas to Florida, caused billions of dollars in estimated insured losses in the United States, according to Aon.
Catastrophe Bonds Based on Models that Often Underestimate Climate Risks
Catastrophe bonds and other insurance-linked securities, which powered last year’s highest-returning hedge fund strategy, are built on calculations that can underestimate a new breed of risk stemming from high-frequency events such as wildfires and thunderstorms, according to veteran investors.
New Record of 142 Natural Catastrophes Accumulates to $108B in Insured Losses in 2023
A devastating earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods were the main events driving insured natural catastrophe losses to $108 billion in 2023, reaffirming the 5–7% annual growth trend in global insured natural catastrophe losses since 1994.
Winter Weather Events Cost $754 Million Annually in Texas
Ice storms, cold waves, hail, winter storms: Texas has them all. And the combination of these weather events leads to at least $754 million in losses in Texas and $106.4 million in losses in Dallas annually, according to the National Risk Index, a database maintained by the Federal Emergency Management Agency.
Insurers Can Access Detailed Hail, Tornado Analytics with Verisk’s New Respond® Solutions
Insurance professionals can now get highly detailed, real-time data about the impact of hail and tornadoes with Verisk’s latest weather enhancements.
Severe Weather in March Results in Billion-Dollar Hit to Insurers
Aon has launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of natural disaster events worldwide during March 2021. The report reveals that multiple severe weather outbreaks in the United States, including tornadoes, hail, and flooding, resulted in billion-dollar insurance losses. Impact Forecasting® summarizes publicly available information which we… Continue reading Severe Weather in March Results in Billion-Dollar Hit to Insurers
Swiss Re Corporate Solutions Launches Parametric Hail Insurance Solution
Swiss Re Corporate Solutions (SRCS), the commercial insurance arm of reinsurer Swiss Re, has announced the launch of a new parametric hail insurance solution, HAIL. The new parametric hail cover provides companies in the U.S. with insurance protection against the financial impact of a significant hail event. This includes things like physical damage, lost revenue… Continue reading Swiss Re Corporate Solutions Launches Parametric Hail Insurance Solution
Allstate Reports Cat Losses of $186M for August 2018
The Allstate Corporation, one of the largest primary insurers in the U.S, has reported estimated catastrophe losses of $186 million pre-tax ($147 million after-tax) for the month of August 2018. Catastrophe losses consisted of 16 events that cost an estimated $137 million pre-tax, as well as unfavourable reserve re-estimates for prior catastrophe losses. Allstate said… Continue reading Allstate Reports Cat Losses of $186M for August 2018