property insurance News

As Milton Nears, Flood-Proof Fences Will Face a Major Test in Tampa

For the second time in two weeks, Tampa General Hospital is getting ready to keep water at bay. Hurricane Milton is expected to make landfall Wednesday and will test the hospital’s flood barrier. It takes dozens of facilities workers to …

Claims Analysis: Roofs Define Luxury Homes’ Insurability

The insurance industry is facing a significant rise in roof-related claims. The combination of increasingly severe weather events, inflation-driven repair costs and the growing issue of roofing scams has created a perfect storm—one that is straining insurer portfolios and impacting …

Moody’s Estimates U.S. Private Market Insured Losses for Hurricane Helene at $8B to $14B

Moody’s RMS Event Response on Monday released an estimate showing total U.S. private market insured losses from Hurricane Helene could be between $8 billion and $14 billion. Moody’s puts its best estimate at $11 billion. The estimate represents insured losses …

Hurricane Milton Nears Category 5 Strength as It Menaces Florida

Hurricane Milton is on track to become a catastrophic Category 5 storm as it rakes Mexico’s Yucatan Peninsula on a path toward Florida’s western coastline, where evacuations are underway in a region still recovering from Helene’s devastation. The storm’s top …

Utilities’ Extreme Plan to Stop Wildfires: Shut Off the Power

A growing number of utilities are resorting to an extreme measure to prevent their equipment from sparking catastrophic wildfires: turning off the power. Electric companies serving about 24 million homes and businesses across the fire-prone US West now have plans …

GM Halts Vehicle Production at Two US Plants Due to Hurricane Helene

General Motors has temporarily halted truck and SUV production at two assembly plants in Texas and Michigan because of impacts to its suppliers due to Hurricane Helene, the automaker said Friday. The Detroit automaker said production at Flint Assembly and …

CoreLogic Increases Total Insured Loss Estimate From Hurricane Helene to $10.5B-$17.5B

Total insured loss from Hurricane Helene is now estimated at between $10.5 billion and $17.5 billion—a figure that continues to grow as more damages are assessed, pushing catastrophe modelers to continually revise estimates upward. The estimate out from CoreLogic on …

The US’s Flood Insurance Program Is Making More Repeat Payouts

When Hurricane Helene barreled ashore last week, it caused devastating flooding across the southeastern U.S., including in the Shore Acres area of St. Petersburg, Florida. The neighborhood saw 6 feet of storm surge, which flooded roads and homes. It was …

Mayorkas Warns FEMA Doesn’t Have Enough Funding to Last Through Hurricane Season

The Federal Emergency Management Agency can meet immediate needs but does not have enough funding to make it through the hurricane season, Homeland Security Secretary Alejandro Mayorkas told reporters this week. The agency is being stretched as it works with …

Viewpoint: Elevating Claims Management by Taking Collaborative Approach With Clients

Over the last 20 years, the role of the claims handler has evolved significantly, from a largely back-office function to one centred around partnership and mutual benefit. In today’s market, claims is now at the forefront of client-insurer relationships, playing …