After a 2020 filled with hurricanes and wildfires, this year could be the moment when the U.S. insurance industry finally grapples with climate change. Who will win that wrestling match? Insurers? Homeowners? Or the increasingly challenging environment? “The alarm bells are now ringing loudly,” says Karen Collins, who handles home insurance and other personal lines… Continue reading Homeowners and Insurers Will Grapple with Climate Change in 2021
Tag: wildfires
Natural Disaster Figures for 2020 Reflect Record Hurricane Season, Historic Wildfires
Global losses from natural disasters in 2020 came to $210bn, of which some $82bn was insured. Both overall losses and insured losses were significantly higher than in the previous year (2019: $166bn and $57bn respectively). The US share of losses was rather high: Natural disasters in the US accounted for US$ 95bn (2019: $51bn) of… Continue reading Natural Disaster Figures for 2020 Reflect Record Hurricane Season, Historic Wildfires
California Police Adopt WingtraOne Drone for Wildfire Damage Assessment
The Lafayette City Police Department and an interagency task force joined a survey firm to deal with extensive damage caused by California wildfires that were raging in August and September. One of these, “the CZU lightning complex fire” caused a massive evacuation before destroying 86,509 acres (35,009 ha) and nearly 1500 structures across four communities… Continue reading California Police Adopt WingtraOne Drone for Wildfire Damage Assessment
California’s Boom Collapses with Fires Adding $1.1B Toll
The wildfires, power outages and extreme weather that have ravaged California are setting the stage for a deepening economic crisis for an engine of U.S. growth. Blazes that scorched 4.1 million acres, more than the past three years combined, have cost a record $1.1 billion to battle. S&P Global Ratings is warning that a new… Continue reading California’s Boom Collapses with Fires Adding $1.1B Toll
California Firefighters Tap AI for an Edge in Battling Wildfires
Agencies battling wildfires in California are turning to artificial intelligence and other technologies to predict the spread of blazes and help guide the response of firefighting crews. The AI-based tools are helping officials monitor fires, evacuate threatened areas and send often-stretched resources to places they will do most good. This year, wildfires in California alone… Continue reading California Firefighters Tap AI for an Edge in Battling Wildfires
Thousands Are Displaced as West Coast Crews Battle Fires
Exhausted fire crews worked on Sunday to beat back raging wildfires that have scorched millions of acres across three Western states and displaced thousands of people as communities have been swallowed by flames. At least 24 people have died in the fires, and in Oregon, which has taken the biggest blow in the last few… Continue reading Thousands Are Displaced as West Coast Crews Battle Fires
Boardrooms Urged Not to Let Climate Change Drop Off the Agenda After Pandemic
Board directors have been informed of the need to maintain focus on meeting the UK government’s target of a net zero carbon economy by 2050, as well as the short-term goal of reaching a 50% reduction in emissions during the decade. Speaking at a webinar jointly organised by Chapter Zero and Willis Towers Watson, Susan… Continue reading Boardrooms Urged Not to Let Climate Change Drop Off the Agenda After Pandemic
QBE Says Parts of Planet Becoming Uninsurable Due to Climate Concerns
Global insurance giant QBE has warned climate change poses a material threat to its business and the entire economy as its chief executive Pat Regan said premiums were at risk of becoming too high in areas exposed to repeated, extreme weather. The comments came after the insurer posted a statutory profit of $550 million, up… Continue reading QBE Says Parts of Planet Becoming Uninsurable Due to Climate Concerns
Serious Mortgage Delinquency Rates Tripled in Recent Disaster-Affected Regions
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its annual Natural Hazard Report including a look back at communities affected by wildfires, hurricanes, tornadoes and earthquakes in 2019. Based on CoreLogic research, as a result of natural hazards, 2019 could bring an increase in mortgage delinquency rates, taking 12 or… Continue reading Serious Mortgage Delinquency Rates Tripled in Recent Disaster-Affected Regions
Willis Re Reports on Insured Losses and Economic Impact Due to Natural Disasters
Willis Re’s insured loss estimates from major natural catastrophes in 2018 of about USD 69.5 billion are one of the highest since the 2011 annual market losses of USD 120 billion. This report from Willis Re summarizes economic and insured losses from the most relevant natural catastrophe events that occurred during 2018. The loss values… Continue reading Willis Re Reports on Insured Losses and Economic Impact Due to Natural Disasters