Trixie Parkes’ 1976 wood-framed cottage was both her home and her primary source of income, as she rented out two units on the top floor to tourists. However, Hurricane Ian ripped through in late September, destroying most of the first floor and gouging a gaping hole in the walls of the second floor. She lacked… Continue reading Strong Hurricanes, Stricter Building Codes Changing Florida’s Coastal Communities
Tag: severe weather
Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best
The homeowners insurance segment in the United States has generated operating profits in three of the last five years, with a net profit of nearly $2.5 billion expected in 2021. However, according to a new AM Best report, the segment could face challenges, with Hurricane Ian affecting 2022 results. “U.S. Homeowners Line Well Capitalized but… Continue reading Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best
Beyond Severe Weather: Man-Made Crises Roiling P&C Insurance Market
Thirty years after Hurricane Andrew’s landfall in Florida, one of the nation’s costliest and most consequential natural disasters in history, the American Property Casualty Insurance Association (APCIA), the Reinsurance Association of America (RAA), the Association of Bermuda Insurers and Reinsurers (ABIR), and Robert Hartwig, PhD, CPCU published a joint paper, “It’s Not Just the Weather:… Continue reading Beyond Severe Weather: Man-Made Crises Roiling P&C Insurance Market
Natural Disasters in First Half 2022 Cost $65 Billion: Munich Re
In the first half of 2022, natural disasters caused overall losses of $65 billion, with slightly more than half of these insured Extreme multi-day rainfall and severe flooding in Australia constituted the main loss burden for the insurance industry of at least US$ 3.7 billion U.S. once again country with highest weather-related losses Number of… Continue reading Natural Disasters in First Half 2022 Cost $65 Billion: Munich Re
Tornadoes Rip through Parts of Texas, Oklahoma
One person was killed and more than two dozen were injured when tornadoes tore through parts of Texas and Oklahoma damaging a school, homes and businesses, before the storm system continued its destructive path Tuesday into Louisiana and Mississippi. High winds uprooted trees in Ridgeland, Miss., as a possible tornado passed the Jackson-area city Tuesday… Continue reading Tornadoes Rip through Parts of Texas, Oklahoma
U.N. Panel: Impacts of Climate Change Now Severe and Widespread
Storms, heat waves, droughts, and other extreme weather events are occurring more frequently and with greater severity than experts predicted several years ago, causing serious health and economic consequences around the world, according to a panel of scientists convened by the United Nations in a new report released Monday. Climate experts described the report as… Continue reading U.N. Panel: Impacts of Climate Change Now Severe and Widespread
Extreme Weather Fueled by Climate Change Hit 4 in 10 Americans Where They Lived in 2021
Wildfires raging in the West, exacerbated by drought; heavy rains in the Midwest, Northeast, and South; deadly heat waves in the Pacific Northwest; hurricanes wreaking havoc from the Gulf Coast to New England: Many Americans found it impossible to ignore the extreme weather caused by climate change in 2021. According to a Washington Post analysis,… Continue reading Extreme Weather Fueled by Climate Change Hit 4 in 10 Americans Where They Lived in 2021
Insurers Avoid Steep Losses Thanks to Reinsurance, Premiums Expected to Rise
American International Group Inc. and other insurers avoided significant losses this year as a result of a spate of extreme weather, thanks in part to the reinsurance industry. However, increased reliance on these policies almost certainly means price increases are on the way. “This year we’re seeing good demand and good price increases for reinsurance,… Continue reading Insurers Avoid Steep Losses Thanks to Reinsurance, Premiums Expected to Rise
Weather Disasters Soar in Numbers, Cost, But Deaths Fall
Weather disasters are striking the world four to five times more often and causing seven times more damage than in the 1970s, the United Nations weather agency reports. But these disasters are killing far fewer people. In the 1970s and 1980s, they killed an average of about 170 people a day worldwide. In the 2010s,… Continue reading Weather Disasters Soar in Numbers, Cost, But Deaths Fall
Changes Caused by Worsening Wildfires in California Forests Will Last Centuries
The single-engine Cessna was buzzing 1,000 feet above a Northern California burn scar as UC Berkeley scientist Scott Stephens shifted excitedly in his seat and peered out the window for a better view. Down below, heavy machinery kicked up clouds of dust as commercial loggers attempted to salvage whatever timber they could, while a vast… Continue reading Changes Caused by Worsening Wildfires in California Forests Will Last Centuries