Lloyd’s of London calls the insurance industry to action on climate change

Lloyd’s insurance claims - Home office building

Climate change may need more attention from the insurance industry Lloyd’s of London, one of the largest insurance companies in the world, has released a new report titled “Catastrophe Modeling and Climate Change.” The issue of climate change has been steeped in controversy for some time. There are those that suggest that climate change is little more than an exaggeration of a natural process that has been occurring for millennia. Others suggest that if climate change continues to occur unabated, the human species may be faced with the very real…

Read More

Homeowners insurance rates in Kansas are on the rise

homeowners insurance

Insurance is growing more costly due to natural disasters in the past Kansas homeowners insurance rates are on the rise and it may be because of storms in the past. In 2011, the state suffered the most financial damaging storm season it has ever seen. An outbreak of tornadoes and hundreds of hailstorms punished Kansas, causing an estimated $1.1 billion in insured losses. The majority of these losses came from damage to homes and properties and 2011 accounted for the costliest financial blow that the state’s insurance sector had ever…

Read More

Severe weather in Georgia prompts concerns regarding homeowners insurance

Georgia Homeowners Insurance

Double checking insurance policies becomes a priority as weather conditions worsen Severe weather is expected to create some problems in Georgia. Forecasts predict that weather conditions in many parts of the state could be “very dynamic” this week. What this means is that tornados and heavy rainfall could be seen in parts of the state and these events could lead to significant property damage for homeowners. As such, Georgia Insurance and Safety Fire Commissioner Ralph Hudgens has begun offering advice to homeowners that may fall victim to property damage. Homeowners…

Read More

Insurance industry sees a decline in insured losses in 2013

insurance industry

Swiss Re report shows that insured losses in 2013 were lower than what they were in 2012 Swiss Re, a leading reinsurance firm, has announced that the global insurance industry has seen losses from natural disasters and man-made catastrophes fall by 44% in 2013. A calm hurricane season help insurers avoid significant losses, but powerful storms in Europe had a significant impact on the insurance industry. Despite this impact, however, insured losses industry-wide were less than what had been seen in 2012. As such, the insurance industry is expected to…

Read More

Polar vortex highlights the need for flood insurance

flood insurance storm damage

Warming temperatures could spark floods as snow melts throughout the US Winter is coming to an end and that means that the problems caused by the polar vortex may soon spark new disasters. The polar vortex has sparked many problems throughout the U.S., dealing damage to properties, vehicles, and the country’s infrastructure. With winter coming to a close, some of the issues involving the polar vortex may become easier to resolve. Warming temperatures means that the snow that the climatic phenomenon has brought to the country is beginning to melt.…

Read More