Tag: natural disaster insurance

2018 Hurricane Season should be an average one, says Munich Re

Logan B.
2018 Hurricane Season - Hurricane - Storm - Florida

The Germany based reinsurer is predicting fewer storms than 2017’s record breaking year. Munich Re is predicting an average 2018 Hurricane Season. This comes as somewhat of a relief following the record-breaking destruction left behind last year. The 2017 season brought insurance companies approximately $135 billion in costs. Munich Re is the second largest reinsurance company in the world and releases its predictions publicly. The world’s second biggest reinsurance company predicts that there will be notably fewer powerful tropical storms in the 2018 Hurricane Season than there were last year.…

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Hawaii lava damage will be covered, says Insurance Commissioner

Logan B.
Hawaii lava damage - Volcano lava flowing

Destroyed homes will be covered by standard homeowners policies, according to Gordon Ito. The Hawaii lava damage caused by Kilauea’s eruption will be covered by homeowners insurance policies, said Hawaiian Insurance Commissioner, Gordon Ito. Ito made it clear that homes damaged or destroyed by the lava flow into a Big Island neighborhood will be covered. This should come as a relief to homeowners previously uncertain as to their coverage, as reported by Live Insurance News. Ito has been Hawaii’s insurance commissioner since 2010 and is NAIC Western Zone chair. Ito…

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Hawaii volcano insurance coverage becomes serious concern

G. Turner
Hawaii volcano insurance - errupting volcano in Hawaii

Residents of the side of the Big Island closest to Kilauea have been forced to evacuate. Hawaii volcano insurance has become a central topic in the state following earthquakes and Kilauea’s eruption. Several more quakes have been followed by new fissures opening. As residents have complied with a mandatory evacuation, the next worry is the damage. Dozens of structures have already been destroyed by the lava spraying across the Hawaiian neighborhoods, according to a CNN report. The report revealed that not all homeowners insurance policies in the affected area necessarily…

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FEMA moves forward with its own flood insurance changes

Logan B.
Flood Insurance Changes - Boots underwater

The Federal Emergency Management Agency has decided to take NFIP tweaks into its own hands. The Federal Emergency Management Agency revealed its intentions to make a number of flood insurance changes. The National Flood Insurance Program (NFIP) is facing massive and rising debt levels. There are many flaws in the program causing it to become unnecessarily expensive. Therefore, FEMA decided to help make changes to bring significant funding back to NFIP. The idea behind the latest flood insurance changes is to draw more private funds into the government-led coverage market.…

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Northern California wildfires break $9 billion in insurance claims

Julie Campbell
fire fighter northern california wildfires

The fires that torched their way through the state’s wine country in October have broken fire records. The Northern California wildfires from October have already generated an incredible $9 billion in insurance claims. This has easily left the previous wildfire insurance claim records well behind. The October blaze is now the most expensive single fire in the history of the United States. California Insurance Commissioner Dave Jones does not think that total will rise much further for those Northern California wildfires. The $9 billion figure represents the total insurance claims…

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