property insurance News

Program Uses AI to Send Cash Payments to 1,000 Households Hit by Hurricanes

Nearly 1,000 hurricane-impacted households in North Carolina and Florida will benefit this week from a new disaster aid program that employs a model not commonly used by philanthropy in the United States: Giving people rapid, direct cash payments. The nonprofit …

North Carolina’s Governor Approves More Than $600M in Helene Recovery Funding

North Carolina Gov. Roy Cooper approved more than $600 million worth of disaster relief funding Friday for western North Carolina counties affected by Hurricane Helene after legislators passed the recovery bill the day before. The bill is the second legislative …

Global Natural Catastrophe Insured Losses Exceed $102B During Q1-Q3 2024: Aon

The third quarter of 2024 saw a number of significant disaster events, which drove year-to date economic losses above at least $258 billion and insured losses of $102 billion, according to Aon plc in its Q3 Global Catastrophe Recap – …

Florida’s Heritage Insurance Reports 5,400 Claims, $57M in Cat Losses From Milton

More loss and claims estimates are trickling in from carriers after Hurricane Milton caused widespread wind and flood damage in Florida this month. Tampa-based Heritage Insurance Holdings said in a preliminary statement that about two weeks after Milton made landfall …

Claims from Hurricane Milton Continue to Rise in Florida — 221K and Counting

Almost two weeks after Hurricane Milton made landfall near Sarasota, Florida, as a Category 3 storm, claims and loss totals continue to rise. As of Oct. 21, the Florida Office of Insurance Regulation said carriers had reported more than 221,582 …

Report: Winter Weather Caused $61.8M in Property Damage So Far this Year

Winter weather has already caused an estimated $61.8 million in property damage in 2024, and the coldest time of the year is a ways off. The damage from winter storms in the first half of the year may be large, …

What It Really Means When a 1-in-1,000-Year Rainstorm Hits

Officials called Hurricane Helene’s deadly rainfall and floods “biblical” and “generational.” But weather forecasters used another term: “once in 1,000 years.” Helene was actually the second once-in-a-millennium storm to strike North Carolina in a matter of days. Less than two …

HCI Group Expects to Pay $600M to $750M in Claims from Recent Hurricanes

Publicly traded HCI Group, the Tampa-based holding company for Homeowners Choice Property & Casualty, TypTap and a new condominium insurance reciprocal, is one of the first Florida insurers to report estimated losses after recent hurricanes. HCI said in a statement …

Report: Natural Disaster Losses Below Average Through Q3, Despite Higher Frequency

Although 2024 has seen significant global natural catastrophe activity, economic costs were slightly below average through the third quarter, according to Gallagher Re’s latest Nat Cat report. The total economic loss from natural perils in the first three quarters of …

Milton’s 152,180 Claims So Far to Mean New Pressure on Reinsurance, Rate Hikes

Property Insurance claims from Hurricane Milton had topped more than 152,180 by Monday, with some $1.9 billion in estimated insured losses. That’s already more than the claims and losses reported for Helene, which made landfall in Florida two weeks earlier, …