The devastating Palisades and Eaton wildfires in California are projected to result in insured property losses between $28 billion and $35 billion, according to Verisk’s Extreme Event Solutions group.
Tag: property losses
U.S. P&C Insurers: Industry Loss Estimates Reveal Continued Challenges
Verisk and The American Property Casualty Insurance Association (APCIA) remarked on full-year 2023 losses for the insurance industry, which they estimate to be $21.1 billion
Wildfires and Thunderstorms Are Throwing Insurance Market Into Turbulence
Smaller but more frequent catastrophes are a primary driver of changing rates and coverage.
Quieter Hurricane Season Predicted: Colorado State University Forecast
The likely development of El Niño should bring a “slightly below-average” Atlantic hurricane season, top forecasters announced Thursday at a hurricane conference in Texas. But the forecast also notes a high level of uncertainty.
Chubb 3Q Profits Hit by Hurricane Ian Claims
Chubb reported $1.16 billion in catastrophe costs, including $975 million from Hurricane Ian, net of reinsurance. That was roughly in line with the previous year, which was also a difficult quarter for property insurers.
Selective Insurance Reports Record Level of Catastrophe Losses for Q2
Selective Insurance Group, Inc. has revealed preliminary Q2 2020 pre-tax net catastrophe losses of approximately $83 million, stemming from numerous events designated by PCS during the period. The catastrophe events designated by PCS includes two April storms at a cost of $43 million and claims related to civil unrest across the U.S. of $18 million.… Continue reading Selective Insurance Reports Record Level of Catastrophe Losses for Q2
Equipment Breakdown Responsible for Nearly One-Third of All Property-Related Losses in 2018
Equipment breakdown now rivals fire loss in both frequency and severity of claims, according to an analysis of large risk losses reported in 2018 to commercial property insurer FM Global. Large risk losses are those losses greater than $3 million that do not include natural hazard loss. Of the company’s 232 large risk losses last… Continue reading Equipment Breakdown Responsible for Nearly One-Third of All Property-Related Losses in 2018