State officials now say the damage in North Carolina from Hurricane Florence has approached $17 billion, an increase from a previous estimate. The Office of State Budget and Management said in a news release the latest figure is based on new data from the N.C. Department of Insurance. The previous figure of $13 billion was… Continue reading Damage from Florence in North Carolina at $17B: State Officials Report
Tag: hurricane
Michael Will Cost Insurers Billions, But Won’t Overwhelm Industry, Analysts Say
Analysts are estimating that Hurricane Michael has caused billions of dollars of damage and will create a substantial loss for insurers, but the industry is expected to cope — once again avoiding the kind of meltdown that Florida saw in the 1990s, after Hurricane Andrew. It’s still too early for a full accounting of the… Continue reading Michael Will Cost Insurers Billions, But Won’t Overwhelm Industry, Analysts Say
Hurricane Florence Has Gone, But Challenges for the Carolinas Have Just Begun
It will not be easy drying out, fixing up and rethinking whole ways of life in a region drenched and deeply shaken by more than eight trillion gallons of rain. But that is the challenge facing the Carolinas after Hurricane Florence and a wearying week of heroic rescues, hard choices, potential environmental crises — including… Continue reading Hurricane Florence Has Gone, But Challenges for the Carolinas Have Just Begun
Puerto Rico Sues Insurers Amid Unresolved Claims
Puerto Rico’s government is suing insurance companies that officials say have not responded quickly enough to claims filed after Hurricane Maria hit nearly a year ago. Gov. Ricardo Rossello said Tuesday that the lawsuits aim to prevent companies from dropping claims because they have allegedly expired. He said insurance companies believe they can drop a… Continue reading Puerto Rico Sues Insurers Amid Unresolved Claims
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
North Carolina Officials Ask for More from FEMA
Just as some local officials said they were starting to get antsy about the arrival of federal aid in the aftermath of Hurricane Florence, it began arriving. “This was the first FEMA shirt I’ve seen. We’ve been taking care of ourselves,” said Skip Watkins, vice chairman of the New Hanover County Board of Commissioners. He… Continue reading North Carolina Officials Ask for More from FEMA
Head of NFIP Says Agency Ready for Onslaught of Florence Claims
The head of the National Flood Insurance Program told CNBC’s “Squawk on the Street” Monday that the government is prepared to handle the anticipated rash of claims filed by homeowners in the upcoming days and weeks. “As the days continue, we’ll be able to start to get the number of claims being submitted, get adjusters… Continue reading Head of NFIP Says Agency Ready for Onslaught of Florence Claims
Atlantic Ocean May Get 5 Named Storms at Once
For tropical storms, two’s company, three’s a crowd and five is, well, unprecedented. Maybe not for long. Weather forecasters are watching a disturbance in the western Gulf of Mexico that has a 50 percent chance of becoming Tropical Storm Kirk in the next two days, according to the National Hurricane Center. That would make five… Continue reading Atlantic Ocean May Get 5 Named Storms at Once
East Coast Preps for the “Storm of a Lifetime” As Florence Heads for the Carolinas
Hurricane Florence, heading for the Carolinas, “will likely be the storm of a lifetime” for areas of the coast, according to the National Weather Service early Wednesday. The Category 4 storm was expected to start hitting the North and South Carolina coasts sometime Thursday or Friday, and should make landfall near Wilmington, N.C., early Saturday… Continue reading East Coast Preps for the “Storm of a Lifetime” As Florence Heads for the Carolinas
Insurers Expect Significant Loss of Income Claims from Florence as Businesses Shut Down
Days before Hurricane Florence is expected to slam into the U.S. East Coast, insurers are starting to see potential claims costs tick upward as people flee and companies halt operations. Evacuations, already affecting more than 1 million people in and around North Carolina, start the clock ticking on business-interruption insurance policies, which help replace lost… Continue reading Insurers Expect Significant Loss of Income Claims from Florence as Businesses Shut Down