Thai floods bring insurance claim predictions to $13 billion

Bangkok is now facing the worst floods that it has seen in many decades, forcing hundreds of factories to keep themselves shut in around the city and impairing global supplies, in addition to leading to billions of dollars in insured losses. It is predicted that Japanese insurers will face the brunt of these claims. The flooding in the country is being caused by the slow runoff from the rainy season which is progressing southward from the plains located north of Bangkok. Over the last three months, there have been approximately…

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Higher cost of flood insurance caus...
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AIR Estimates Insured Losses Will Be Less than MXN 700 Million (USD 52 Million)

BOSTON, Oct. 13, 2011 — According to catastrophe modeling firm AIR Worldwide, after, striking a sparsely populated stretch of Mexico’s Pacific coast on October 11 as a Category 2 hurricane, Jova weakened as it traveled inland towards the north, dissipating late last night over the state of Nayarit. Because it was a small storm and weakened to tropical storm strength within 12 hours of landfall, damage from Jova’s winds has been limited. AIR estimates insured losses from flood-induced damage, as well as from some isolated wind damage along southern coastal…

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Floods this summer could break records

Forecasters have predicted that this summer could be accompanied by the worst flooding the United States has seen in its history, as rivers continue to run higher than flood levels and the soil is still saturated from the spring’s rising waters.  The last record-breaking floods were in 1993, when $25 billion in damages occurred between the months of April and August within nine states.  According to the National Weather Service, this year, the water levels haven’t receded much and the soil remains soaked so that it would take only a…

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Arkansas farming industry calculate high millions in lost crops

Residents and farmers from the eastern part of Arkansas are getting their first looks at the destroyed homes and ruined farmland that have resulted from the massive flooding in that region.  Many parts of the state rely primarily on agriculture as their main industry.  According to the Arkansas Farm Bureau, an estimated $500 million has been lost in crops due to farm flooding, with an estimated millions more having been lost as a result of other damage such as to equipment.   The Farm Bureau also stated that agriculture typically brings…

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Update on Mississippi River Flood

As of Sunday, the Army Corps of Engineers had opened nine of the 125 bays in the Morganza spillway. The nine bays that were opened in the spillway are diverting around 90 thousand cubic feet of water per second. Louisiana Governor Bobby Jindal was urging citizens in the Morganza area to start preparing for the inevitable evacuation. On Friday, the Army Corps of Engineers didn’t have an exact time when they would be opening the spillway; yet most knew the choice was unavoidable. Citizens in the Morganza area had been…

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The army in a battle against the Mississippi river

The Mississippi River is wreaking havoc on the people of Louisiana as previous estimates of flooding levels have been reassessed and raised due to additional rainfall. Despite previous measures taken by the Army Corps of Engineers, many areas are expecting record flood levels.   The Governor of Louisiana met with the Unified Command Group, which is made up of business and city officials and key participants from the health and transportation sectors. After the revision of the flood estimates the group decided to begin a series of new preparedness actions.…

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A spring cleaning of America’s flood insurance program

With spring now insight, it’s time to prepare for nasty weather. Depending on what part of the nation you live in, that could mean tornados and hail, or spring rains and flooding. This is a good time to examine your homeowner’s policy for any needed updates that may need to be made. Last year we had amazing weather activity. In the United States, we saw abundant rainfall; with many states receiving record amounts and other states getting well over normal. Snow and bitter cold temperatures set seasonal records, and numerous…

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