Severe weather damage in the US hits the $4 billion mark

Severe Weather Damage - Flooding

Hailstorms and other disasters have caused quite a bit of destruction already in 2020, says Aon. Severe weather damage from events across the United States have led to substantial costs for insurers. A sizeable portion of the $4 billion estimated economic cost is covered by insurance policies. Much or the severe weather damage caused by storms have involved hail, according to the monthly Global Catastrophe Recap report from Aon. A substantial storm outbreak struck the Plains, Midwest and Southeast on May 4 and 5. This event primarily affected parts of…

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Allstate catastrophe losses reach $982 million for April and May 2020

Allstate catastrophe losses

In a recent announcement, the insurer showed that May’s figures weren’t as high as those in April. Allstate catastrophe losses have reached $982 million for the combined months of April and May. May alone was responsible for estimated losses of $350 million. This will translate to $277 million after tax. The American insurer had already announced its figures for April, which were an estimated $632 million. In April, the announcement showed that the Allstate catastrophe losses were a notably higher pre-tax estimated $632 million. That would convert to $499 million after…

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Secondary catastrophic perils on the rise from climate change, says Swiss Re

Secondary catastrophic perils - tornado destruction

Global economic losses from disasters (natural and human-caused) last year reached $146 billion. Secondary catastrophic perils are rising in a measurable way as a result of climate change, said a recent Swiss Re Institute sigma. The sigma was titled “Natural catastrophes in times of economic accumulation and climate change”. Severe weather events were the primary driver of losses overall last year, as was the case in years prior. Last year, worldwide economic losses from disasters broke the $146 billion mark. This represented a fall from 2018’s $176 billion. The ten-year…

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Most residents of high-risk flood zones don’t have flooding insurance, analysis

High-risk flood zones - Flooding in neighborhood

A recent study has shown that an average of 6 in 10 affected homeowners aren’t covered. Severe weather events don’t plan to take a break just because of the COVID-19 pandemic, but a new analysis shows that 6 in 10 homeowners in high-risk flood zones don’t have insurance against overland water damage. The Atlantic hurricane season starts today, and severe flooding has already started in some areas. Central Michigan, for instance, has already been affected by considerable flooding in many regions. ValuePenguin.com recently published the results of an analysis it…

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Mississippi insurance commissioner recommends hurricane season preparations

Hurricane season preparations - Hurricane in the Atlantic

The official start may not be until June 1, but Mike Chaney says people should start getting ready now. Mississippi Insurance Commissioner Mike Chaney is reminding residents of his state to begin their Atlantic hurricane season preparations now instead of waiting for storms to arrive. Chaney is also encouraging residents to remember to pack extra pandemic protection in their “Go Bags.” Part of the Atlantic hurricane season preparations Chaney has recommended this year is to keep in mind that we are in the midst of a pandemic. Therefore, while packing…

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2020 Atlantic Hurricane Season predictions suggest an active year

2020 Atlantic Hurricane Season - Hurricane seen from above

Colorado State University experts predict an above average level of storm activity. Meteorological experts at Colorado State University have released their 2020 Atlantic Hurricane Season predictions. They predict that the six months starting in June will be more active than average. Last year was a particularly catastrophic year for storms from June through November. The most devastating was Hurricane Dorian, which came to a near rest over the Bahamas for 36 hours, leaving catastrophe behind. That was a massive Category 5 hurricane. It broke tropical storm intensity records for striking…

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Life insurance policy availability for coronavirus coverage may soon shrink

Life insurance policy - person wearing mask using computer

Insurers feel the COVID-19 pandemic comes with too many uncertainties to offer cover. Life insurance policy sales have been spiking since the start of the COVID-19 pandemic, but the availability of this coverage may not continue as it has been. Insurers have been faced with a sudden and dramatic amount of unknown coverage data. Life insurance policy sales are based on the answers to several questions and the use of actuarial tables to determine each applicant’s rates. However, with the addition of the coronavirus pandemic, the factors influencing what an…

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