Insurance losses hit $120 billion in 2022 due to hurricanes and flooding

Insurance losses Flooding damage Flodded roads

The US and Australia were the countries that contributed some of the biggest disaster costs. In 2022, Hurricane Ian in the United States and the flooding that struck Australia were among the leading drivers of insurance losses, according to Munich Re. This is contributing to a trend that connected with the intensity and frequency of disasters from climate change. The insurance losses from natural catastrophes last year reached about $120 billion in 2022, which was comparable to 2021, though still fell short of the record-breaking damages that occurred in 2017,…

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Insurance industry crash tests were too much for most small SUVs

Insurance industry - Crash Test

The majority of these popular vehicles aren’t any less safe, but testing is focusing on additional factors. While it’s easy to think that SUVs are getting less safe, since most of them recently failed insurance industry testing, the thing is that they’re essentially as safe as they’ve always been. It’s the tests that have changed. Newer tests include components that emphasize the safety of back-seat passengers as well. The Insurance Institute for Highway Safety (IIHS) has updated their auto insurance industry testing to place a greater emphasis on making sure…

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An issue with insurance sanctions has oil tankers stuck at the Turkish straits

Insurance sanctions - Water - Turkish Flag

Negotiations have yet to come up with a solution to move ships carrying 23 million barrels of crude. The Turkish straits continue to have a backlog of oil tankers as of the writing of this article, and negotiations haven’t shown any indication of offering an insurance sanctions glitch solution. The tankers contain over 23 million barrels of oil from Kazakhstan and have been stopped from moving. The twenty six tankers were unable to pass the Bosphorus and Dardanelles straits last week due to issues relating to the insurance sanctions against…

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Consumers weigh the benefits of holiday travel insurance this year

Holiday travel insurance - Passport - map - Festive Decorations

With the high cost of everything, travelers find it tough to decide if their trip requires coverage. Holiday travel insurance is being taken very seriously this year as challenges continue for travelers heading away to visit friends and family. Overbookings, delays, lost luggage and unexpected cancellations are among those challenges. Thanksgiving trips were considered to be a small indicator of what is to be expected throughout the rest of the holiday season. What they have shown is that, as has been the case since the start of the pandemic, travelers…

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Mercury shares insurance policy savings tips with its customers

Insurance Policy - Helpful Tips

The insurer released a Holiday Buyer’s Guide to help consumers get the right coverage for a better price. With the holiday season now underway, the odds are higher that a claim will be made on an insurance policy than they are at most other times of the year. That said, a claim can only be made if the right coverage is in place, moreover, not all coverage is priced equally. Therefore, Mercury has issued a Holiday Buyer’s Guide to help people to find precisely what they need and at the…

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Petline and NFP collaborate on new US pet insurance

Pet insurance - Person with dog looking at computer

The companies have come together to offer a new line of coverage products for animal owners to buy. The Petline pet insurance company has teamed up with leading property and casualty broker NFP to offer a new line of products to cover cats and dogs and give US animal owners peace of mind. The insurer has been active in the market since 1989 and describes itself as a leader in that category. The Petline flagship pet insurance brand, Petsecure, offers owners a spectrum of different solutions to fit the individual…

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Spott launches new pay-as-you-sell ecommerce insurance model

Ecommerce insurance - Online shopping

The insurer has rolled out a novel premium calculating for online businesses to pay based on what they sell. Ecommerce insurance company Spott has announced the launch of a new Pay-As-You-Sell liability insurance model. The coverage lets digital businesses pay premiums based specifically on how much they sell. The design of this ecommerce insurance is such that an online company will pay liability coverage premiums based on how much they sell and will never have to pay higher than their original premium amount. As a result of this pricing model…

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