Hurricane Irma insurance losses may be far lower than first predicted

hurricane irma insurance losses

Initial forecasts plotted a far more destructive path for the storm than was actually the case. Following predictions of apocalyptic Hurricane Irma insurance losses, it appears as though the storm may be costly, but nowhere near the worst case scenario. It’s still far too early for specific totals, but recent figures suggest they may be as low as $10 billion. Randy Binner, an insurance analyst, explained that while initial projections for Hurricane Irma insurance losses were as high as $100 billion, this has now been reduced to between $10 billion…

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Hurricane flood insurance coverage not carried by many Matthew victims

hurricane flood insurance

Many of the homeowners who experienced damage from flooding don’t have the necessary coverage. Many victims of Hurricane Matthew who have never had a drop of water in their homes before are finding themselves underwater without hurricane flood insurance. Communities well inland and far from flood plains were rescued by firefighters in boats. Though the concern had been seawater driven ashore, it was rain and runoff that caused considerable flooding. Drainage ditches were overwhelmed, sending rising waters into the homes of people without hurricane flood insurance. For many of them,…

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Hurricane insurance losses from Hermine won’t hurt the industry

hurricane season insurance losses storm

The storm that made landfall in Florida on Friday certainly left damage behind, but nowhere near the worst. When Hermine made landfall in Florida, it left the first hurricane insurance losses seen in the state since 2005. While there were concerns that it would strengthen significantly, but fortunately the worst case didn’t happen. Hurricane Hermine left hundreds of thousands without power while flooding certain areas. Industry analysts have taken a look at the initial damages and have predicted that hurricane insurance losses won’t be crippling to property insurers. While the…

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The cost of natural disaster insurance hasn’t been this low in 6 years

Austrailia Has Seen it's Share of Natural Disaster insurance

Global insurers saw the lowest expenses associated with those catastrophes they’ve seen since 2009. According to the largest reinsurance company on the planet, last year’s costs for natural disaster insurance claims – that is, the expenses from catastrophes such as earthquakes and massive storms – were lower than they have been since 2009. The reinsurer released a report that looked back over the last year and showed it was less costly than the last six. The reinsurer in question was Munich Re, which released its analysis of natural disaster insurance…

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The 2015 hurricane season predictions are good insurance news

insurance news - atlantic hurricane season

If the recent forecasts are correct about this year, it could mean that damage and claims will be low. A set of insurance news forecasts have now been released with regards to the 2015 Atlantic basin hurricane season and it looks as though this year could be offering another one that is on the quiet side. Researchers at Colorado State were among those that released their 2015 hurricane season forecast. The predictions from Colorado State have been made since 1984 and are those that are frequently consulted when seeking a…

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Homeowners insurance advice issued in Georgia following powerful storms

Georgia Homeowners Insurance

Insurance Commissioner Hudgens provides some advice to homeowners in the state Georgia is no stranger to natural disasters, but many of its residents may not know how to handle their insurance companies in the wake of a severe storm. Several powerful storms have tore through the state in recent weeks, highlighting a lack of awareness concerning certain insurance issues. The state’s Insurance Commissioner, Ralph Hudgens, has provided some recommendations for those that have had their properties damaged by recent storms. Getting in contact with an insurance agent and documenting damage…

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Oregon Insurance Division urges consumers to be cautious during the winter

homeowners insurance information institute winter snow ice

Winter storms take their toll on Oregon Winter storms have been causing problems for homeowners and drivers recently. The U.S. has fallen victim to what is being called a “polar vortex.” This natural phenomenon has lead to freezing temperatures throughout the U.S. and significant snowfall in many parts of the country. States that do not typically see heavy snowfall, such as Georgia, have suffered from the impact of the polar vortex has snowfall causes damage to properties and creates dangerous driving conditions. In Oregon, state officials are issuing warnings when…

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The Deep Freeze And Your Insurance Coverage

Wintry weather can wreak havoc on property. Fallen power lines and tree limbs along with burst water pipes are just a few of the problems home-and-business owners face. When a winter storm hits the last thing anyone wants to do is worry about whether any damage is covered by insurance. The good news is that many times insurance does cover damage caused by storms. Damage caused to homes by ice and falling limbs is covered by homeowner’s policy, according to an article by CBC News. That’s great news for those…

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Insurance industry is seeing heightened East Asian typhoon activity

2017 atlantic hurricane season Insurance industry

Munich Re has warned that this part of the world is experiencing a growing number of violent storms. The insurance industry is recognizing a changing weather trend in East Asia, where the number of typhoons and other highly destructive, violent storms are becoming an increasingly common occurrence. The insured losses over the last thirty years in that region have passed the $6 billion mark. These costs to the insurance industry have come primarily from floods and typhoons. However, over recent years, it has become clear that this is likely to…

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

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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