natural catastrophe News

Claims From 4 Summer Weather Events in Canada Exceed Prior Year Total: IBC

Four natural catastrophes over four weeks during Canada’s summer season have resulted in about five times the amount of claims than the 20-year average, reported the Insurance Bureau of Canada. About 228,000 home, auto and business insurance claims have been …

Gallagher: Global Insured Natural Disaster Claims Again Dominated by Severe U.S. Storms

Global insured losses from natural catastrophes in the first quarter were estimated at $20 billion, with U.S. claims accounting for more than $15 billion, or 75%, of the Q1 total, according to a Gallagher Re in a report. Despite a …

Reforms to US Disaster Aid Expose Growing Home Insurance Gap

When disaster hits in the US, the federal government gives aid to states and counties, but also to individuals. In 2022, the Federal Emergency Management Agency delivered $3.25 billion to nearly 1.4 million households recovering from damaging floods and fires. …

Hurricane Ian Projected to Cause Historic Losses for Insurers

Experts predicted insured losses from Hurricane Ian could earn it a spot as one of the costliest natural disasters in history after the storm rapidly intensified before coming ashore in Southwest Florida with 150 mph wind and began a crawl …

RMS Ranks Top 10 Ports at Greatest Risk in a Natural Catastrophe

In the event of a natural catastrophe, two ports in Nagoya, Japan and Guangzhou, China, would suffer the greatest losses at $2.3 billion and $2 billion respectively, according to RMS analysis of the catastrophe risk associated with the world’s ports. …