Hurricane insurance predictions place losses from Isaac at up to $1.5 billion

Hurricane Isaac

The storm brought severe wind and rains to many parts of several states. When Isaac made landfall and then passed through New Orleans, it left a swath of onshore damages that current estimates are predicting to bring hurricane insurance losses of between $500 million and $1.5 billion. This disaster modeling firm prediction applies to the losses in Louisiana alone. Though Isaac wasn’t one of the most damaging that the state – or the country – has seen, it still managed to wreak havoc to homeowners and businesses alike. It caused…

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Australia: Property insurance risk are being recalculated

The flooding that struck Australia’s Queensland some months back was expected to have severe ramifications on the insurance industry. Now, officials are reporting that rates for homeowners are going to be raised by as much as 30%. Queensland residents have been receiving renewal notices for their policies’ premiums will be increasing. Many of these policyholders own property that survived the flooding without any damage, leading them to question the rate increase. Insurers claim a myriad of reasons behind the rate increase. While the flooding is a prominent factor, they assert…

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