damage News

Spain’s Devastating Floods Will Cost Insurers Over $3.8 Billion

The floods that devastated the Spanish region of Valencia at the end of last month are expected to trigger total insurance losses in excess of €3.5 billion ($3.8 billion), Moody’s estimates. The projection is based on the first 72,000 insurance …

Hawaiian Electric Removes Going Concern Doubts After Q3 Loss and Wildfire Settlement

Hawaiian Electric reported a third-quarter loss after the utility removed a warning about its ability to remain in business, saying that a recent capital raise helped mitigate the concerns. The utility had raised going concern doubts after disclosing that it …

Hurricanes Linked to Higher Death Rates Years After Occurrence

New research from Stanford University shows that hurricanes and tropical storms in the United States cause a surge of deaths for nearly 15 years after a storm hits. Researchers estimate an average U.S. tropical cyclone indirectly causes 7,000 to 11,000 …

Spain’s Hurricane Katrina Moment Saw Officials Ignoring Warnings

As a deadly storm bore down on Valencia on Oct. 29, the regional president was attending a ceremony to recognize his work on sustainable tourism. Three hours earlier, Spain’s national climate agency had issued a red alert about the rains …

NOAA Confirms It Has Been a Busy Weather Year

It’s been a busy weather year. There have been 24 confirmed weather/climate disaster events with losses exceeding $1 billion each to affect the U.S. as of Nov. 1, according to the National Oceanic and Atmospheric Administration. Related: KBRA Says Florida …

Canada Arrests Man Suspected of Hacks of Snowflake Customers

Canadian authorities have arrested a man suspected of being behind a string of hacks involving as many as 165 customers of Snowflake Inc., according to people familiar with the matter. Following a request from the US, Alexander “Connor” Moucka was …

Spain Risks $11.5 Billion Flood Damage Bill, PM Says

Spanish Prime Minister Pedro Sanchez announced the first financial package for victims of the storms that killed more than 200 people in the country’s eastern region of Valencia. Spain will earmark as much as €10.6 billion ($11.5 billion) for its …

Spain’s Deadly Storms Move North to Cause Chaos in Catalonia

Barcelona’s transport system ground to a halt, as Catalonia was the latest Spanish region to be hit by extreme storms that killed more than 200 people in neighboring Valencia last week. Flooded streets brought traffic to a standstill in the …

Malibu Retrofit at $300,000 Shows Limits of Wildfire-Prepping

Evelin Weber and her neighbors fled their Malibu homes as the deadly Woolsey Fire tore across the California coast in 2018. Ever since, haunted by fears of another blaze, she’s spent $300,000 on fireproofing her house. Weber installed a fire …

Analysis Shows Wider Florida Flooding From Milton: 185,000 Buildings Hit

Flooding from Hurricane Milton appears to have been more extensive than initially determined, affecting almost 185,000 buildings all across Florida, says a new analysis from ICEYE, a firm that uses satellite images to measure damage for the insurance industry. The …