In the past five years, the annual insured losses from natural catastrophes averaged $106 billion, up from $83 billion in the preceeding five-year period, new data from Verisk shows. And with a noticible uptick in extreme weather in recent times, …
Devastation from tornadoes that slammed parts of the United States this month will push the insurance industry’s 2021 bill for weather-related claims well above the predicted $105 billion, industry experts said, and premiums should rise on worries that climate change …
Insurers are bracing for a hit of about $1 billion from physical damage to offshore rigs and structures from Hurricane Ida, according to preliminary estimates from U.S. property data and analytics company CoreLogic. The estimate did not include losses from …
Tropical Storm Fay managed to cause about $400 million in insured losses after coming ashore in Atlantic City, New Jersey on July 10 with 60 mph wind, even though it was downgraded to a tropical depression only nine hours after …
When Andrew, a category 5 hurricane, made landfall on August 24, 1992, it was a wakeup call for the insurance industry. The devastation that resulted became the impetus for the widespread adoption of catastrophe models, according to Karen Clark, co-founder …
Catastrophe modeling, advances in mitigation as well as building design changes are just a few of the areas impacted by Hurricane Katrina nearly 10 years ago, according to Rick Miller, U.S. property practice leader at Aon Risk Solutions. Miller spoke …
CoreLogic, a global property information, analytics and data-enabled services provider, released a new version of its EQECAT natural catastrophe modeling platform which contains three new proprietary risk models that quantify and analyze the potential financial impact of catastrophic natural hazards …
A new scientific study on the impact of a major earthquake in Canada, released in Ottawa today by Insurance Bureau of Canada (IBC), leaves no doubt that Canada is not prepared to handle a major earthquake, which could happen at …
Catastrophe modeling firm AIR Worldwide (AIR) announced that Peak Reinsurance Co. Ltd. (Peak Re), a reinsurer headquartered in Hong Kong focusing primarily on the Asia-Pacific market, has selected AIR’s catastrophe modeling solutions to manage its catastrophe risk. “Catastrophes are a …
U.S. insured losses from Hurricane Issac’s wind and surge impacts on the U.S. Gulf Coast will fall between USD$1−2 billion, excluding rainfall driven flood losses and all National Flood Insurance Program losses, estimates catastrophe modeler Risk Management Solutions (RMS). This …