Early forecasts for hurricane season have produced an ominous consensus: The odds of a busy season have strengthened. AccuWeather, Colorado State University, The Weather Company and seven other organizations all predict above-average seasons, as warm ocean temperatures and expected global climate patterns create favorable conditions for the whirling storms. An average season produces seven hurricanes.… Continue reading Early Forecasts Call for Busy Hurricane Season
Tag: property insurance
Socio-Economic Developments, Climate-Change Effects to Drive Rising Losses from Severe Weather Events: SIGMA
The latest sigma “Natural catastrophes in times of economic accumulation and climate change” says that Swiss Re Institute expects that global warming will lead to growing intensity and frequency of severe weather events, but also to more uncertainty in their assessment. Economic and insured losses resulting from such events will rise in the coming decades,… Continue reading Socio-Economic Developments, Climate-Change Effects to Drive Rising Losses from Severe Weather Events: SIGMA
Forecasters See Above Average 2020 Atlantic Hurricane Season
The 2020 Atlantic hurricane season could see a greater than average number of major hurricanes because of warmer seas and favorable weather patterns, forecasters from Colorado State University’s Tropical Meteorology Project said on Thursday. Four major hurricanes packing winds of at least 111 miles per hour (179 km) are possible during the season that begins… Continue reading Forecasters See Above Average 2020 Atlantic Hurricane Season
PG&E to Plead Guilty to Involuntary Manslaughter Charges in Deadly California Wildfire
PG&E Corp. has agreed to plead guilty to felony involuntary manslaughter charges for its role in starting the deadliest wildfire in California’s history. The indictment in Butte County, where 85 people died during the 2018 Camp Fire, charges the company with 84 counts of manslaughter and one count of unlawfully causing a fire. The company… Continue reading PG&E to Plead Guilty to Involuntary Manslaughter Charges in Deadly California Wildfire
Industry Claim Satisfaction Survey Ranks Chubb as Preferred Insurer for Claims Handling
Commercial brokers and agents as well as risk managers selected Chubb as a top insurer when it comes to claims handling satisfaction in North America for property, management and professional liability, cyber and primary casualty coverages, according to the recently released Advisen Claims Satisfaction Survey. Advisen is an industry-leading provider of insurance data, media and… Continue reading Industry Claim Satisfaction Survey Ranks Chubb as Preferred Insurer for Claims Handling
What Rising Reinsurance Costs Mean for South Florida Property Owners
Here’s a grim note for the budget: the cost of insuring real estate is going up. Again. A sure sign: Reinsurance companies — the ones that sell insurance to insurance companies — have increased rates between 10% to 60% for insurance companies in South Florida, local insurance experts said since 2018 . Blame big losses… Continue reading What Rising Reinsurance Costs Mean for South Florida Property Owners
Average Premium Renewal Rates Up Month-to-Month Across Most Major Commercial Lines
IVANS®, a division of Applied Systems®, today announced the February results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which maintained its negative trend. Month over month, February saw the greatest average premium… Continue reading Average Premium Renewal Rates Up Month-to-Month Across Most Major Commercial Lines
Climate Change Could Add Around $100B to Costs of Extreme Weather
Climate change could add around $100 billion, or more than 20%, to the global cost of extreme weather events such as floods, heatwaves and droughts by 2040, research from Cambridge University shows. The findings come from the university’s Climate Change Business Risk Index, which uses climate modeling data to quantify extreme weather event risks and… Continue reading Climate Change Could Add Around $100B to Costs of Extreme Weather
Alliant Honors its Class of 2020 Power Brokers®
Alliant continues to showcase its broad industry reach and regional strength, with 13 of its team members receiving the prestigious designation of Power Broker® by Risk & Insurance. The 2020 honorees hail from an array of locations and categories, emblematic of the company’s continued growth and expansion. “Alliant’s class of 2020 Power Brokers is highly… Continue reading Alliant Honors its Class of 2020 Power Brokers®
‘Renew California’ Bill Seeks to Ease Wildfire-Fueled Homeowners Insurance Crisis
A wildfire-related crisis facing counties all over the state could have one solution in sight. As the risk of destructive wildfire grows, tens of thousands of California homeowners are finding insurance companies are dropping their coverage and pulling out of fire-prone communities altogether. That leaves homeowners unprotected at best — and unable to keep their… Continue reading ‘Renew California’ Bill Seeks to Ease Wildfire-Fueled Homeowners Insurance Crisis