Devastating Storm Hits the Southeast Making landfall late Thursday night, Hurricane Helene unleashed its fury on Florida and extended its reach far inland to the Southeast and Appalachia. The storm’s torrential rains and fierce winds resulted in extensive flooding and property damage, marking one of the most severe weather events of the year. As the storm battered homes, it left behind a daunting trail of destruction, with early estimates suggesting up to $6 billion in private insurance losses. This catastrophic event has once again underscored the vulnerabilities within Florida’s already…
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Japan’s Heat Stroke Insurance Boom Amid Record Temperatures Could Signal New Trends for US Market
With record temperatures soaring above 40°C (104°F) in various locations, Japan has experienced a surge in heat-related illnesses this summer. This unprecedented heat wave has led the Japan Meteorological Agency to issue widespread alerts against heatstroke and heat exhaustion, urging residents to stay indoors during peak daylight hours. A Growing Demand for Heat Stroke Insurance The extreme weather has not only impacted daily life but has also driven a significant increase in the demand for heat-related illness insurance. Over 12,000 people were hospitalized across Japan in just one week due…
Read MoreInsurance industry climate needs spur new NOAA and NSF research center
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…
Read MoreHow Climate Impacts Your Property Insurance Costs
There are plenty of factors that can impact your property insurance costs, from your location and the size of the home to the contents, but one thing that homeowners may not be prepared for is how climate is now affecting their premiums. A recent report released shows Canada is warming up at twice the rate of the rest of the world; this has left insurance providers feeling uneasy. That uneasiness is most likely going to translate to a rise in premium rates. So how exactly does climate impact your property…
Read MoreSevere weather brought in $109 million in insurance claims
The storms that struck Colorado from May 20 to 22 had left considerable damage in their wake. Homeowners, vehicle owners, and business owners in Colorado all found themselves having to deal with the aftermath of severe weather, and for many, this meant that they were making insurance claims on their policies to help to cover the cost of the damage that was left behind. While some people had to contend with very heavy rain, others were battered with hail. Those who were the most unfortunate found themselves having to manage…
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