One of the world’s top insurers, AXA SA, is mulling offloading its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes, according to three people familiar with the matter.
Tag: severe weather
Business Insurance Roiled by Climate, Inflation
Business insurance has been roiled by severe weather and inflation, the same forces disrupting home insurance markets in catastrophe-prone areas of the U.S., with companies facing tougher conditions as they try to insure their properties against disaster.
Climate Shocks Are Making Parts of America Uninsurable
Insurance companies, tired of losing money, are raising rates, restricting coverage or pulling out of some areas altogether — making it more expensive for people to live in their homes.
Allstate Estimates Catastrophe Losses for Q1 at $1.69B
According to Allstate, catastrophe losses in the first quarter of 2023 will total $1.69 billion, pre-tax, with losses of $1.17 billion.
Why the US Leads the World in Weather Catastrophes
Blame geography for the U.S. getting hit by stronger, costlier, more varied and frequent extreme weather than anywhere on the planet, several experts said.
California’s Winter Storms Bring Billions in Damages
Severe weather and flooding in California since Dec. 26, 2022, has led to $5 billion to $7 billion in damages, according to a Moody’s report from late January.
South Hit by More Severe Weather After Tornadoes Leave 26 Dead
Severe storms rumbled across parts of the South on Sunday, two days after violent tornadoes smashed through the Mississippi Delta region, gutting rural towns and leaving more than two dozen people dead.
Tornadoes in Southeast U.S. Leave Trail of Damage
Tornadoes and severe storms swept through Georgia, Alabama, and Mississippi on Thursday, flipping homes and uprooting trees, according to authorities.
Winter Storm Expected to Drive Multi-Billion Reinsured Loss
Global insurers and reinsurers look set to incur costs stretching into the multi-billion-dollar range from the ongoing winter storm and severe cold weather impacting the United States and Canada.
Storm Survivors Say Disaster Relief System Needs to Be Fixed
Survivors of storms proposed five reforms to help future storm victims avoid the delays, runarounds, and financial desperation they encountered.