Tag: natural disaster

Hurricane Beryl Impact on the Insurance Industry: An Early Test of Resilience

Logan B.
Hurricane Beryl

Hurricane Beryl has made history as the earliest Category 5 hurricane on record, marking a turbulent start to the 2024 Atlantic hurricane season. Despite its initial strength and the potential for significant impact, the insurance industry has so far weathered the storm relatively well. However, the season’s outlook suggests that insurers may need to brace for more challenging weather ahead. Early Strength and Managed Impact Beryl’s rapid intensification caught the attention of meteorologists and industry experts alike. The hurricane’s path through the Caribbean caused concern, but the damage trajectory ultimately…

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Insurance spending will double in the next decade, says Lloyd’s of London

H. Cutner
Insurance Spending - Lloyd's of London Building

Chief exec John Neal has predicted that a greater risk perception like bank failures will drive the trend. Global insurance spending will probably reach the point that it has doubled in the coming decade, mainly driven by an increased risk perception, said Lloyd’s of London CEO John Neal. Climate change and bank failures have reminded the world of the size of potential risks. “Financial risk,” on the heels of bank failures in Europe and the United States, in addition to systemic risks, such as climate change and pandemics, are expected…

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California lawmakers are attempting to improve natural disaster preparedness and response

Marc
california natural disaster preparedness insurance hollywood los angeles

The state has been plagued by different types of catastrophe over the last few months. The catastrophes in California over the last few months have been fatal to dozens of people, spurring natural disaster preparedness efforts among state lawmakers. Emergencies have been widespread and frequent, revealing a need to improve readiness and response strategies. Governor Jerry Brown and state lawmakers are seeking to change state regulations to improve disaster response. The various factors to be included in the state national disaster preparedness changes will include the emergency alert systems, insurance…

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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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Paramedic insurance coverage is broadening its importance in the United States

Logan B.
Business paramedic insurance

Experts predict that this type of policy will becoming increasingly necessary, particularly for disaster scenarios. Paramedic insurance coverage is a growing industry and experts predict that this growth will only continue to head upward. This includes in cases of U.S. disasters. In fact, the extreme weather events have been among the driving forces in insurance policies for paramedics. The many different extreme weather events and natural disasters in the United States this year have led to a rising interest in paramedic insurance. That type of coverage has already seen growth…

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