Live Insurance News

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

March 28, 2017March 26, 2017 Logan B.

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…

Thousands without Louisiana flood insurance risk financial devastation

August 18, 2016August 17, 2016 Julie Campbell

Uninsured residents may face overwhelming losses as a result of the rising floodwaters in the state. Thousands of people who don’t have Louisiana flood insurance are now risking considerable financial losses. While they aren’t without any assistance, the lack of coverage will mean significant out of pocket expenses. Many of the people whose houses are underwater have never had the slightest problem with flooding before. FEMA and other organizations will be prepared to provide a certain amount of assistance to the uninsured. These organizations are designed to help people such…

Insurance industry won’t hurt too much from Cyclone Phailin

October 18, 2013October 18, 2013 Julie Campbell

It is believed that the losses will be less than an estimated $1.6 million, possibly much less. On Saturday, Cyclone Phailin smashed its way through Odisha and Andhra Pradesh in India, following a massive evacuation of the area, leaving the world and the insurance industry to wonder what would be left behind. Officials are now saying that there may not be very large losses for insurers to have to face. According to those officials from the insurance industry, the largest amounts of destruction were sustained by “kuchcha houses” (which are…

Massive Wildfire Burns More Than 140,000 Acres of Yosemite Wilderness

August 27, 2013 Guest Author

According to catastrophe modeling firm AIR Worldwide, a massive wildfire that started just over a week ago is currently racing along the remote northwest corner of Yosemite National Park. Dry, warm conditions and winds gusts between 15 to 30 mph are fueling the blaze, which is currently at 7% containment. The fire has already consumed more than 225 square miles of Yosemite’s wilderness-known to be some of the most beautiful in the world-and is threatening two groves of California’s iconic sequoia trees. According to the U.S. Forest Service, the fire…

Colorado Wildfire Doubles in Size; Thousands Are Evacuated

June 15, 2013 Guest Author

According to catastrophe modeling firm AIR Worldwide, earlier this week, wildfires-exacerbated by unseasonably warm temperatures and windy conditions- broke out in the forested terrain of southern Colorado. In fact, Colorado Springs hit 98° on June 10, setting a record for this early in the year. According to the El Paso County Sheriff’s office, as of June 14, 2013, at least four wildfires are currently active across the state. “The largest of the blazes, the Black Forest fire, doubled in size from Wednesday to Thursday, growing to 15,700 acres (25 square…