For three years running, California’s wildfires have sent plumes of smoke across Silicon Valley. So far, though, that hasn’t spurred much tech innovation aimed at addressing extreme-weather disasters associated with climate change. It’s true that tech companies from enterprise software-maker Salesforce to financial-technology firm Stripe have pushed to dramatically reduce their climate impact. Individual investors… Continue reading Why Tech Has Been Slow to Fight Wildfires, Extreme Weather
Tag: homeowners insurance
Is Connecting Technology with Insurance a Smart Idea?
The Proliferation of Smart Homes It used to be only superheroes and spacemen who could talk to their room (or starship) and have the computer understand what they said and respond accordingly. Now, the smart home has gone from science fiction to interesting novelty to hardly remarkable. Nearly four out of 10 people now have… Continue reading Is Connecting Technology with Insurance a Smart Idea?
FEMA Reassures California Wildfire Survivors
The Federal Emergency Management Agency (FEMA) is assuring survivors of recent Northern California fires that financial assistance they received will not be taken back as part of the Pacific Gas and Electric Co. bankruptcy settlement negotiations. FEMA Region 9 Administrator Robert Fenton wrote an open letter addressed to wildfire victims that said FEMA and the… Continue reading FEMA Reassures California Wildfire Survivors
HCI Group Insurance to Acquire P&C Policies from Florida-based Anchor
HCI Group, Inc. announced today that its wholly-owned insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., has reached a preliminary agreement to acquire all the insurance policies of Anchor Property & Casualty Insurance Company. Anchor is a Florida-based provider of homeowners insurance. According to reports filed with insurance regulators, at June 30, 2019… Continue reading HCI Group Insurance to Acquire P&C Policies from Florida-based Anchor
Demotech to Downgrade Four or More Florida Property Insurers This Week
A state property insurance grading firm will be downgrading four or more insurance companies from their current exceptional rating by Friday. That’s according to Joseph Petrelli, president of Demotech Inc., which reviews and rates 46 insurers that write approximately 66% of Florida’s homeowners’ insurance premium. “This week, we will begin to issue statements on many… Continue reading Demotech to Downgrade Four or More Florida Property Insurers This Week
ICA Puts Australian Bushfire Losses at A$1.34B, Expects Sharp Increase in Claims
The Insurance Council of Australia (ICA) has revealed that insurers have now received 13,750 bushfire catastrophe-related claims since November 8th, with industry losses estimated at AUD 1.34 billion (approximately USD 925 million). The ICA has warned that it is anticipating a further “sharp increase” in claims this week after commercial claims come in and household… Continue reading ICA Puts Australian Bushfire Losses at A$1.34B, Expects Sharp Increase in Claims
Economic Impact of Australia’s Bushfires Set to Exceed $4.4B Cost of Black Saturday Blazes in ’09
The economic damage from the bushfires devastating Australia’s eastern seaboard is likely to exceed the record $4.4bn set by 2009’s Black Saturday blazes, Moody’s Analytics has said. The Moody’s economist Katrina Ell said the fires would further cripple Australia’s already anaemic consumer confidence, increasing the chances of a rate cut next month, as well as… Continue reading Economic Impact of Australia’s Bushfires Set to Exceed $4.4B Cost of Black Saturday Blazes in ’09
Insurance Losses from Australia’s Bushfires Soar to $700M
Insurers will brief Australia’s Treasurer Josh Frydenberg about the industry’s response to the bushfire crisis as they revealed almost 9000 claims more than worth about $700 million have been received so far, with the damage expected to rise dramatically as the extent of destruction becomes clearer in coming days. The New South Wales Rural Fire… Continue reading Insurance Losses from Australia’s Bushfires Soar to $700M
Australia’s Catastrophic Fires Threaten to Upend the Way People Live
The human, environmental and economic toll of Australia’s devastating wildfires is mounting each day, but the country has barely begun to grasp the total cost of the “unprecedented” blazes and how it will change the way people live. Igniting two months earlier than the usual start of the Australian fire season, the flames have torn… Continue reading Australia’s Catastrophic Fires Threaten to Upend the Way People Live
High Cost of Wildfire Insurance Hits California Home Sales
Home sales are slowing in wildfire-prone areas of California as insurers retreat from high-risk regions, say real-estate agents and homeowners. Insurance companies have continued to reduce their wildfire exposure in the past two years after paying more than $24 billion for California wildfire losses in 2017 and 2018. Home insurers have declined to renew policies… Continue reading High Cost of Wildfire Insurance Hits California Home Sales