Tag: damage from flood

Hundreds of Homes Inundated as Floods Sweep Through the UK: AIR

Guest Author
UK Flood Car Trapped under a bridge

BOSTON, Nov. 27, 2012 – According to catastrophe modeling firm AIR Worldwide, heavy rainfall began lashing the British Isles on Thursday, November 22, prompting hundreds of warnings and alerts. As of Tuesday, November 27 at 3 PM GMT, there were 182 flood warnings, two severe flood warnings, and 225 flood alerts in place, affecting virtually every region in England and Wales. The southwest areas of England, particularly the counties of Cornwall and Devon, have thus far borne the brunt of the rainfall, with some places recording over 150 mm of…

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Crop insurance to help protect sunflower growers in Tanzania

H. Cutner
Crop Insurance

The Handeni District in the Tanga region can now benefit from this protection from the weather. Muhingo Rweyemamu, the commissioner for the Handeni District of the Tanga region in Tanzania, has announced that there will now be new forms of crop insurance products and services available to sunflower farmers who have been struggling with unfavorable weather conditions. This micro-coverage initiative has been called the Weather Index Insurance (WII). It is being run by the Small Industry Development Organisation – International (Sido-Ifad), which has support from the Rural, Small and Medium…

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AIR Worldwide Launches Inland Flood Model for Germany

Guest Author

BOSTON, Nov. 7, 2011 – Catastrophe risk modeling firm AIR Worldwide (AIR) released an inland flood model for Germany that offers a fully probabilistic approach for determining the likelihood of flood losses from all types of storms. The model provides insurers and reinsurers with a robust tool for managing inland flood risk – allowing companies to make informed underwriting decisions, to monitor and quantify aggregate concentrations of flood risk across their portfolios, and to assess the potential impact of less frequent but large loss events. “To meet the challenge of…

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Chubb Corp. reports losses verging on $500 million from natural disasters in the third quarter

The Chubb Corporation, a massive property insurance organization, has had a difficult time recovering from recent storms in the U.S. The occurrence of natural disasters in the U.S. has been unusually high this year, and the damage caused by these storms has been unprecedented. The storms have imposed gargantuan financial losses on the insurance industry and many companies are still sifting through claims from earlier in the year that are adding to total losses. Chubb officials have warned investors that the company’s third quarter losses may end up being higher…

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Legal battles expected in the wake of Hurricane Irene

Adding to the troubled following Hurricane Irene, lawyers along the East Coast are expecting a number of legal battles to break out, all centered on insurance. The most prominent litigations are expected to form around property damage and how it was caused. While most property insurance policies account for damage from wind, flood coverage is an entirely separate issue. State Farm, Allstate and Liberty Mutual are expected to bear the brunt of the legal battles as they are the primary insurers in the states battered by Irene. The extent of…

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