820 natural catastrophes caused overall losses of US$ 150bn, which is broadly in line with the inflation-adjusted average of the past 30 years, according to Munich Re. A smaller portion of losses was insured compared with 2018: about US$ 52bn. This was due, among other things, to the high share of flood losses, which are… Continue reading Tropical Cyclones Causing Billions in Losses Dominate Nat Cat Picture of 2019: Munich Re
Tag: natural catastrophes
Delos Uses Satellite Imagery and AI to Help Homeowners in Wildfire Areas Get Insurance
Insurance companies are shying away from covering homes in wildfire areas. But “wildfire areas” tend to be pretty broad. What if companies could evaluate the risk on a more granular level — tapping things like satellite imagery and machine learning combined with wind, weather and topology data, to better define the riskiest zones? Could more… Continue reading Delos Uses Satellite Imagery and AI to Help Homeowners in Wildfire Areas Get Insurance
UN Climate Report Warns of Warming Oceans, Sea Level Rise
The latest United Nations’ climate report released Wednesday paints a dire picture of the world’s oceans, warning that some ice melt may be irreversible as the globe faces rising sea levels that threaten coastal areas. Even if countries significantly curbed their emissions, the planet is marching toward sea level rise of a meter, and most… Continue reading UN Climate Report Warns of Warming Oceans, Sea Level Rise
Fire and Hail Push Insurers to Rethink Climate Change Risks
By the time David Kaisel got back from selling his flour at a farmers’ market, a wildfire in California’s Capay Valley had burned both his tractor and the shipping container where he kept some tools. His insurer is set to pay out a sixth of his losses. He is now considering widening his coverage in… Continue reading Fire and Hail Push Insurers to Rethink Climate Change Risks
Lloyd’s of London Blames £1B Loss on Natural Disasters
Lloyd’s of London has reported a second consecutive year of losses after a series of natural disasters including hurricanes Florence and Michael and the deadly California wildfires. The insurance market reported a £1bn loss, halving its 2017 loss of £2.1bn. Chief executive John Neal vowed to turn around the market, saying this year would see… Continue reading Lloyd’s of London Blames £1B Loss on Natural Disasters