The U.S. P/C industry’s reported 3Q20 natural catastrophe losses will be the largest since 3Q17, driven by an elevated frequency of events during the quarter, according to Fitch Ratings. Fitch-rated (re)insurers are largely well-positioned to absorb these recent catastrophes, as carriers’ balance sheets were prepared for a potentially strong hurricane season and invested asset values… Continue reading Accumulation of Catastrophe Losses Expected to Weigh on P/C Results
Tag: severe weather
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
U.S. Experienced $14B in Weather and Climate Disasters in 2019
It was another year of record-making weather and climate for the U.S. in 2019, which was the second wettest behind 1973. Warmer-than-average temperatures were felt by much of the country including Alaska, which logged its hottest year on record. Alaska also experienced destructive wildfires that, when combined with those in California, caused damages in excess… Continue reading U.S. Experienced $14B in Weather and Climate Disasters in 2019
Tropical Cyclones Causing Billions in Losses Dominate Nat Cat Picture of 2019: Munich Re
820 natural catastrophes caused overall losses of US$ 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
Wave of New Tech Firms Targeting Farms as Weather Wars Mount
When surprise hailstorms hit the 6,000 acres Trevor Scherman plants each year with peas, wheat, canola and lentils, his first move isn’t to his truck to assess the damage. These days, it’s to his iPad. Nine mini-weather stations from the Canadian firm Farmer’s Edge, along with daily satellite imagery from San Francisco-based Planet, provide Scherman… Continue reading Wave of New Tech Firms Targeting Farms as Weather Wars Mount
Travelers Institute to Tackle Distracted Driving, Cybersecurity, Severe Weather and More in 2019
The Travelers Institute, the public policy division of The Travelers Companies, Inc. today announced its series of 2019 educational forums focused on combating distracted driving, managing cyber risks, insuring autonomous vehicles and preparing for severe weather events. Programs are free and open to the public. “We saw great engagement throughout our symposia series in 2018… Continue reading Travelers Institute to Tackle Distracted Driving, Cybersecurity, Severe Weather and More in 2019
Wildfires, Hurricanes and Other Extreme Weather Cost U.S. Nearly $100B in Damage During 2018
The number of billion-dollar weather disasters in the United States has more than doubled in recent years, as devastating hurricanes and ferocious wildfires that experts suspect are fueled in part by climate change have ravaged swaths of the country, according to data released by the federal government Wednesday. Since 1980, the United States has experienced… Continue reading Wildfires, Hurricanes and Other Extreme Weather Cost U.S. Nearly $100B in Damage During 2018
Hurricane Lane Forecast to Dump 30 Inches of Rain on Hawaii
Hurricane Lane unleashed torrential rain on Hawaii Thursday, but was downgraded to a Category 3 storm as it barreled toward the islands. The hurricane, with maximum sustained winds near 125 miles an hour, had already dumped nearly 20 inches of rain on the Big Island by Thursday afternoon. As much as 30 inches of rain… Continue reading Hurricane Lane Forecast to Dump 30 Inches of Rain on Hawaii