According to a risk-modeling firm, Hurricane Ian will cost private US insurers $63 billion in claims and result in the largest storm-related losses in Florida history. Karen Clark & Co. said in a report Friday that the forecast includes losses to residential, commercial, and industrial properties, as well as automobiles. Previous estimates cited by industry… Continue reading Insured Loss Estimates from Ian Keep Rising
Tag: insured losses
Devastation in Florida from Ian: Death, Destruction, Darkness
At least 21 people died in Florida after Hurricane Ian made landfall Wednesday, according to Florida officials, who warned that the toll could rise. According to Kevin Guthrie, director of the Florida Division of Emergency Management, the state confirmed one death in Polk County caused by the storm surge or rising water levels on Friday.… Continue reading Devastation in Florida from Ian: Death, Destruction, Darkness
Will All Floridians Have to Pay for Ian’s Destruction if Insurance Falls Short?
South Florida may be spared a direct hit from Hurricane Ian, but insurance customers in the region and across the state may be forced to help pay the bill if the storm causes significant damage along its final path. While it is too early to predict how much damage the storm will cause, industry analysts… Continue reading Will All Floridians Have to Pay for Ian’s Destruction if Insurance Falls Short?
Aon: Catastrophe Losses for Insurers to Top $14 Billion for Q1 2022
Catastrophe losses for private and public insurers will exceed $14 billion in the first quarter of 2022, according to a new report from re/insurance broker Aon. Catastrophe Recap states that total economic losses in Q1 2022 were $31 billion worldwide, with just under half of this covered by public and private insurers. The company also… Continue reading Aon: Catastrophe Losses for Insurers to Top $14 Billion for Q1 2022
Secondary Perils Taking an Increasingly Larger Share of U.S. Catastrophe Losses
According to an AM Best commentary, secondary peril events are becoming more impactful and generating an increasing amount of insured losses, affecting the bottom lines of personal and commercial lines property underwriters. A new Best’s Commentary, titled, “Secondary Perils Increasingly Responsible for Largest U.S. Catastrophes,” notes that although the trends of more frequent and harmful… Continue reading Secondary Perils Taking an Increasingly Larger Share of U.S. Catastrophe Losses
Insurers Won’t Save a Heating World from Floods and Fire: Bloomberg Opinion
There’s bad news for those looking for comfort in the face of flooding that’s inundated cities in China, Germany and India and wildfires that have consumed suburbs in California, Canada, and Australia: The insurance industry isn’t planning on hanging around to bail you out. An insurance rescue mission is such a routine aspect of natural… Continue reading Insurers Won’t Save a Heating World from Floods and Fire: Bloomberg Opinion
Natural Disaster Figures for 2020 Reflect Record Hurricane Season, Historic Wildfires
Global losses from natural disasters in 2020 came to $210bn, of which some $82bn was insured. Both overall losses and insured losses were significantly higher than in the previous year (2019: $166bn and $57bn respectively). The US share of losses was rather high: Natural disasters in the US accounted for US$ 95bn (2019: $51bn) of… Continue reading Natural Disaster Figures for 2020 Reflect Record Hurricane Season, Historic Wildfires
RMS Estimates that Total Onshore U.S. Insured Losses from Hurricane Delta Will Be Between $2B-$3.5B
RMS, the world’s leading catastrophe risk solutions company, estimates total onshore U.S. insured losses from Hurricane Delta to be between $2bn and $3.5bn. The estimate includes losses to the National Flood Insurance Program (NFIP) of between $200m and $400m. U.S. insured loss estimates for Hurricane Delta (US$ billions): Wind & Surge Inland Flood NFIP Total… Continue reading RMS Estimates that Total Onshore U.S. Insured Losses from Hurricane Delta Will Be Between $2B-$3.5B
AIR Worldwide Estimates Insured Losses for Hurricane Delta Will be Between $1B and $3B
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Delta’s winds and storm surge will range from $1 billion to $3 billion. Hurricane Delta made landfall on October 9 around 6 p.m. CDT near Creole, Louisiana, as a Category 2 storm with sustained wind speeds of 100… Continue reading AIR Worldwide Estimates Insured Losses for Hurricane Delta Will be Between $1B and $3B
Swiss Re Institute Estimates Global Insured Cat Losses at $31B in H1 2020
Global economic losses from natural catastrophes and man-made disasters in the first half of 2020 were $75 billion, according to Swiss Re Institute’s preliminary sigma estimates. That was up from the $57 billion for the same period a year earlier, but well below the average of first-half economic losses of the previous 10 years ($112… Continue reading Swiss Re Institute Estimates Global Insured Cat Losses at $31B in H1 2020