Category: Natural Disasters

Hurricane statistics, floods, fire storms, tsunami, earthquakes – we report the world’s natural disaster events. These life changing events not only rock the industry but leave residents and business owners in dire situations.

4 Trends Shaping the Commercial Property and Casualty Insurance Industry

Tate Ellison
insurance trends in commercial property sector

The year 2022 was the worst one for the property insurance and casualty insurance industry (P&C) since 2011. Insurers are likely to pay out billions of dollars due to severe weather conditions in the United States.  Hurricane Ian, which struck Florida in late 2022, caused the second largest insured losses after Hurricane Katrina, resulting in $65 billion alone. Swiss Re has revealed that the natural catastrophe losses of more than $100 billion surpassed the ten-year average by 40% last year.  Even AM Best’s new special report has made shocking revelations.…

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Nature Conservancy adds $2 million insurance coverage for Hawaii’s coral reefs

Julie Campbell
Insurance coverage - Coral Reefs in Hawaii

The Central Pacific hurricane season is already underway, and the state is preparing for damage. The Central Pacific hurricane season has started, and this year, the Nature Conservancy has purchased $2 million in insurance coverage to protect against potential damage to the coral reefs in Hawaii. This represents the first time the Nature Conservancy has purchased this type of policy. This insurance coverage is the first of its kind in the United States, in an important move that acknowledges the impact of climate change on increasingly common and destructive hurricanes…

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Will heat insurance help protect the poor against extreme temperatures?

G. Turner
Heat insurance - Thermometer

As climate change makes the world hotter, the poorest workers in the world might benefit from coverage. By April near Ahmedabad, India, temperatures had already reached 100ºF, an extreme being linked to trends relating to climate change, and one against which heat insurance has the potential to protect affected workers. Everyone from physical laborers to people selling products affected by heat could potentially benefit. Last year, temperatures there reached 114.8ºF, at a peak becoming increasingly commonplace, as 2016’s peak was an even higher 118ºF. That location is far from the…

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Insurance industry climate needs spur new NOAA and NSF research center

Marc
Insurance industry Needs and Climate Change -

A new agreement between the NOAA and NSF will support the creation of the new facility. The National Oceanic and Atmospheric Administration (NOAA) and National Science Foundation (NSF) have reached an agreement to establish a research center in order to help meet the changing needs of the insurance industry due to climate change. Insurers and reinsurers are among those experiencing the earliest repercussions of climate change. Moreover, the reinsurance and insurance industry are also among those who must develop a specific response to climate change. It must adapt to rapidly…

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Boat insurance companies release hurricane season preparedness tips

Julie Campbell
Boat insurance - Boat on stormy water

The Atlantic hurricane season starts in June and insurers want watercraft owners to keep their property safe. As boating season begins, hurricane season is also approaching, so boat insurance companies are issuing reminders to owners to make some simple changes to protect their property. Many of the tips are straightforward and should be a part of annual maintenance for watercraft. Though it is difficult to predict whether there will be an active season for hurricanes and tropical storms, it is always a good idea to take the right steps to…

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