Natural disaster damage sends homeowners insurance rates skyward

Natural Disaster Damage - Tornado destruction

Insured losses resulting from claims relating to Mother Nature have been climbing sharply. Natural disaster damage has been sending homeowners insurance claims upward and, as a result, it has meant that rates for policies have been rising, too. A new analysis showed that severe storms and other catastrophes are becoming more common. Over the last ten years, natural disaster damage has become more commonplace and more expensive for homeowners and insurers. According to a new analysis, this is causing home insurance rates to head sky high. The analysis was done…

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Natural disaster damage is causing the insurance industry to struggle

Natural Disaster damage insurance trends

Insurers are facing growing challenges with the cost of environmental catastrophes from fire to flooding. A new statement from the Insurance Bureau of Canada has underscored the challenges caused by natural disaster damage to insurers. The insurance companies in Canada are struggling with a rising number of environmental catastrophes. The statement pointed out that the most at-risk property owners will likely find themselves paying more for coverage. This situation is hardly one that is exclusive to the country as insurance companies worldwide face costly challenges. The Insurance Bureau of Canada’s…

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