California insurance industry warned of “significant risk” from Oroville Dam

California insurance industry - flood program

Concern over the dangers presented from the 770 foot structure’s damaged spillway has not disappeared. The next rainy season is only months away and the California insurance industry faces a “significant risk” from the Oroville Dam and its damaged spillway. Experts are cautioning the industry, residents of the region and pretty much anyone else who will listen about that the next time the waters rise could end far worse than the last time. Raging waters last month caused America’s tallest dam to experience critical damage. That damage has yet to…

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Apocalypse insurance becomes popular among ultra-wealthy Americans

apocalypse insurance

Technology billionaires have been reportedly purchasing this additional method of protecting themselves. Tech billionaires are reportedly looking beyond traditional coverage as they buy up “apocalypse insurance” as a way to survive if the worst should happen. The super-rich in America have reportedly investing in various forms of protection if civilization should ever crumble. The Doomsday Clock was just moved forward by another 30 seconds, bringing us two and a half minutes to midnight. While still highly unlikely, society as we know it is closer to crumbling as a result of…

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Current insurance trends aren’t enough protection from climate change

Natural Disaster damage insurance trends

Wealthier nations can afford the premiums for coverage but poorer countries don’t have that privilege. The insurance trends that are currently in place do have a focus on providing protection for those who are the most vulnerable against the types of peril that the weather can cause, particularly in the case of farmers who are the primary suppliers of food. But as extreme weather becomes more commonplace, some wonder whether these efforts will be enough. While many believe that the necessary arrangements will be possible to protect against the damage…

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Insurance news made as Africa seeks epidemic disaster coverage

health insurance news ebola hazmat isolation quarantine

Countries in that continent are now looking to broaden a catastrophe protection fund for emergencies like Ebola. African countries are in insurance news headlines as they now seek to widen a new type of catastrophe fund, which has already made its first payout, as of January, which was for $25 million. The catastrophe insurance fund is meant to provide protection against Ebola-like outbreaks. This insurance news could mean that countries that face catastrophes such as the devastation left behind by the Ebola outbreak in several African countries, could receive payouts…

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Insurance industry is beginning to respond to evolving global market

Insurance Industry News

Insurers and reinsurers are adopting a new approach to their markets Insurance and reinsurance companies are beginning to re-evaluate their business models as prices begin to soften throughout the global market. Risks are beginning to evolve and new investors are beginning to power changes within the commercial insurance market. These changes are encouraging companies to change the way they approach their chosen market sectors in order to better accommodate demand and ensure their continued sustainability. Companies are also feeling a greater need to balance their exposure to certain risks, especially…

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Is insurance worth it?

insurance news coverage

What is the value of insurance coverage? Insurance can be a very tricky issue for many people. Coverage of any kind is often considered to be an extra expense that is difficult to justify. For some, the cost of insurance is not worth the protection it offers, while others consider insurance coverage to be mandatory even if it is expensive. The value of insurance coverage varies from person to person as much as it does from one type of coverage to another. Because there are many forms of insurance available,…

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Catastrophe insurance market recommendations made by RIMS

Insurance News on catastrophe insurance losses

A letter sent to the U.S. Treasury has made a number of natural cat coverage marketplace suggestions. The Risk Management Society (RIMS) has now issued a letter to the United States Treasury in order to share its recommendations regarding potential improvements to the way that the natural catastrophe insurance market operates throughout the country. The organization had been asked to submit this letter as an element of a study conducted by the FIO. The Federal Insurance Office (FIO), a part of the U.S. Department of the Treasury, is performing a…

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