Hurricanes Are Getting Costlier and Wetter: Triple-I

natural disasters and insurance

According to the Insurance Information Institute (Triple-I), increased population development in hurricane-prone states, combined with increasingly severe rainfall that accompany these storms, has resulted in higher insurance claim payouts for wind and flood-caused property damage.

Population Growth Drives Hurricane Loss Trends

Florida, South Carolina, Georgia, and Delaware saw population growth in the 2010s that dramatically expanded the property damage a hurricane could cause in those states, according to a new Insurance Information Institute (Triple-I) Issues Brief. “The 2022 Atlantic hurricane season is expected to be “well above average” in terms of the number of named storms,… Continue reading Population Growth Drives Hurricane Loss Trends

Overlapping Disasters Expose Harsh Climate Reality: The U.S. Is Not Ready

climate change and higher insurance rates

In Louisiana and Mississippi, nearly one million people lack electricity and drinking water after a hurricane obliterated power lines. In California, wildfire menaces Lake Tahoe, forcing tens of thousands to flee. In Tennessee, flash floods killed at least 20; hundreds more perished in a heat wave in the Northwest. And in New York City, 7… Continue reading Overlapping Disasters Expose Harsh Climate Reality: The U.S. Is Not Ready

Insurers May Take $4.3B Hit from Hurricane Zeta in U.S

Insurers are bracing for a hit of about $4.3 billion from Hurricane Zeta in the United States, catastrophe modeling company Karen Clark & Co (KCC) said on Monday. At least six people were killed in the southeast of the United States and more than 2 million people were without power on Thursday after Hurricane Zeta… Continue reading Insurers May Take $4.3B Hit from Hurricane Zeta in U.S

Tropical Storm Sally Could Hit New Orleans as Category 2 Hurricane

A hurricane on earth viewed from space. This is a rendered image.

Tropical Storm Sally is bearing down on the Gulf Coast of Louisiana and is expected to make landfall late Monday or early Tuesday, possibly as a Category 2 hurricane. “It’s going to be really close,” said Mike Efferson, a meteorologist with the National Weather Service office in Slidell, La., which covers New Orleans and Baton… Continue reading Tropical Storm Sally Could Hit New Orleans as Category 2 Hurricane

NYC’s Sandy Rebuilding Program Was Plagued from the Start: Study

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A multibillion-dollar New York City program to rebuild homes damaged in superstorm Sandy was so poorly run that more than half of the roughly 20,000 people who signed up for assistance dropped out, a new study shows. The study, which the city plans to release Tuesday, says that the Build It Back program was plagued… Continue reading NYC’s Sandy Rebuilding Program Was Plagued from the Start: Study

Puerto Rico Approves Laws for Insurance Holders Post-Maria

Close up coconut palms tree during heavy wind or hurricane. Rainy day

The governor of Puerto Rico overhauled the U.S. territory’s insurance laws on Tuesday to help protect policy holders as thousands of claims remain unresolved more than a year after Hurricane Maria. Gov. Ricardo Rossello signed six laws into effect as he stressed that his administration was not pleased with how insurance companies handled complaints filed… Continue reading Puerto Rico Approves Laws for Insurance Holders Post-Maria