A bill is being considered by the state legislature that would make windstorm insurance coverage more affordable for condominium owners in Florida.
Tag: windstorm insurance
Hurricane Ida Could Cost Insurers As Much As $30 Billion: Swiss Re
The insurance industry could face claims of as much as $30 billion from hurricane Ida, which caused extreme wind and flood damage across parts of the U.S. after making landfall in late August. Insured losses from the storm, the second-most intense hurricane to hit the state of Louisiana, will probably range between $28 million and… Continue reading Hurricane Ida Could Cost Insurers As Much As $30 Billion: Swiss Re
TWIA Board Sets Storm Season Funding for 2021
The TWIA Board of Directors held its quarterly meeting via web conference today, directing TWIA staff to secure reinsurance in addition to the funding provided by statute to provide coverage totaling $4.03 billion for the 2021 hurricane season and electing officers. 2021 Hurricane Season Funding and Reinsurance The Board received a presentation from staff and… Continue reading TWIA Board Sets Storm Season Funding for 2021
TWIA Raises 2020 Reinsurance Target to $2.1 Billion
The Texas Windstorm Insurance Association (TWIA) has increased its target amount of reinsurance protection for the 2020 catastrophe year to $2.1 billion, with the Board directing TWIA staff to place a mix of traditional reinsurance and catastrophe bond protection. In December of last year, TWIA said that it expects to purchase an aggregate amount of… Continue reading TWIA Raises 2020 Reinsurance Target to $2.1 Billion
2019 Hurricane Season Forecast, Will We Get A Break?
After two consecutive seasons of devastating hurricanes, a leading forecaster is predicting a less active year as compared to 2018, but that doesn’t mean it will be quiet. AccuWeather, which issued its seasonal forecast this morning, believes the 2019 hurricane season will be near normal to slightly above normal with 12 to 14 named storms.… Continue reading 2019 Hurricane Season Forecast, Will We Get A Break?
Axa XL Commits to Using More ILS Capacity to Continue De-Risking; Raises Profit Targets
Axa XL will continue de-risking its cat exposures in 2019 through increased use of ILS, selective underwriting and more reinsurance purchasing, Axa XL CEO Greg Hendrick explained on Wednesday. Speaking to investors in London, he committed the firm to continuing a “significant reduction” of net nat cat exposures in line with the group’s reduced cat… Continue reading Axa XL Commits to Using More ILS Capacity to Continue De-Risking; Raises Profit Targets
Climate Change Will Severely Affect U.S. Economy: Report
A newly released report issued by 13 federal agencies on Friday explains in great depth the potential consequences of climate change on the United States and warns that neglecting to take action could drastically impede economic growth over the next century. The report, written with the help of over 1,000 people, including about 300… Continue reading Climate Change Will Severely Affect U.S. Economy: Report
The Rising Costs of Hurricanes
Counties along the U.S. shoreline that endured hurricane-strength winds from Florence in September experienced a surge in population from 1980 to 2017, with an increase of 95 people per square mile—more than double the density. Overall, Gulf and East Coast shoreline counties, those vulnerable to hurricane strikes, increased by 160 people per square mile, compared… Continue reading The Rising Costs of Hurricanes
Climate Change Is Forcing the Insurance Industry to Recalculate
When a wildfire engulfed the Canadian oil-sands boomtown of Fort McMurray two years ago, it hit insurance company Aviva PLC out of nowhere. The British firm had been active in Canada since 1835. Its actuaries long believed wildfire risk to homes in the area was almost nonexistent, it says. Yet flames on the town’s outskirts… Continue reading Climate Change Is Forcing the Insurance Industry to Recalculate
Nearly 700,000 Properties Damaged in Wake of Hurricane Florence
Hurricane Florence’s flooding and wind destruction affected about 700,000 residential and commercial properties across North Carolina, South Carolina and Virginia, according to CoreLogic’s latest estimates. While the mortgage delinquency rate fell to a 12-year low this week, that number will be on the rise in the coming months due to Florence and the impact of… Continue reading Nearly 700,000 Properties Damaged in Wake of Hurricane Florence