Tag: severe weather insurance

Severe weather is forcing the insurance industry to look twice at strategies

Julie Campbell
severe weather storm tree power

Following three solid years of dramatic catastrophes from storms and droughts, insurers may need to re-think underwriting. Climate change and severe weather are beginning to change the size, frequency, and nature of claims that are being faced by the insurance industry over the last four to five years, and it is reaching the point that insurers are starting to be advised by national groups to begin rethinking their underwriting strategies. The insured losses are on the rise from claims resulting from storms, flooding, and drought have been. According to the…

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Insurance industry to study U.S. and Canada’s “new normal”

Julie Campbell
Insurance Industry Hail, tornado, wind research

New research has now been funded to help to quantify the risk associated with hail, tornadoes and wind. Verisk Analytics company, Atmospheric Environmental Research (AER), has announced that it has received funding from the insurance industry and financial sector companies for a new emerging risk program being run by its scientists, called Climate Change: Tornado and Hail, in order to help to quantify any shifts that have occurred in the severe thunderstorm hazard patterns in Canada and the United States. It is believed that the result will be a “new…

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Insurance industry in Canada hurting from extreme weather

Julie Campbell
Canada flood insurance industry

The large number of severe storms have been taking their toll on insurers across the country. A growing number of signs of uncertainty have been popping up in the insurance industry in Canada following the storms that have been striking various areas causing flooding, hail, winds, and other damaging weather events. This was topped off when one of the major banks in the country came out with one of its own early warning signs. Only weeks after the province of Alberta was struck with historic flooding, during which time the…

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Storm insurance program may be in Texas’ future

H. Cutner
Storm insurance Tropical S Don

Governor Perry has announced that the topic could be a part of the special session of the Legislature. According to Texas Governor Rick Perry, a special legislative session that is already being convened for redistricting could also include the topic of a storm insurance program for the state. This would specifically focus on the overhaul of the Texas Windstorm Insurance Association (TWIA). The TWIA is already greatly troubled, but the governor has yet to say for certain whether or not lawmakers will be discussing this storm insurance topic within the…

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Homeowners insurance claims pour in following hail storm

homeowners insurance hail damage storm

The widespread damage in Mississippi also lead to hundreds of auto filings within the first few hours. Within the first days following the hailstorms in Mississippi, hundreds of auto and homeowners insurance claims have been coming in due to the damage that had been left behind in the state’s capital city and surrounding areas. Authorities have yet to calculate precisely how many structures and vehicles were damaged. It looks as though Jackson and its suburbs faced the heaviest damage in the state. According to a Farm Bureau Insurance employee, Jim…

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