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Hurricane Harvey damage to be among “top 10 most costly” for insurers, JPMorgan

August 30, 2017August 29, 2017 Logan B.

hurricane harvey damage global insurance and reinsurance

The financial services company told its clients that the costs could be between $10 billion and $20 billion. JPMorgan informed its clients that the Hurricane Harvey damage left behind in Texas could be as high as $10 billion to $20 billion. This would place it among the “10 most costly” hurricanes to make landfall in the United States, said the company. The storm first struck Texas last weekend and was a Category 4 at the time, before being downgraded. Gradually, it wound itself down to tropical storm status, though it…

Florida hurricane insurance preparation was effective, say officials

December 6, 2016December 6, 2016 Marc

The state has said that insurers were responsive to their customers because they were ready. State officials have said that Florida hurricane insurance companies have been responsive to customers. This responsiveness to the damage from two hurricanes this year was the result of preparation. Those hurricanes caused hundreds of millions of damage in that state alone. These were the conclusions shared by the Florida Division of Consumer Services. That division received only 375 calls regarding the way Florida hurricane insurance claims were handled. When taking into consideration that Hurricane Matthew…

Hurricane flood insurance coverage not carried by many Matthew victims

October 17, 2016October 14, 2016 Logan B.

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,…

Hurricane insurance companies begin their responses to the damage

October 13, 2016October 12, 2016 G. Turner

Following the devastation Hurricane Matthew left behind on the east coast, insurers are now responding to claims. Hurricane insurance companies are now responding to the thousands of claims they received as a result of Hurricane Matthew. These property damage claims occurred when the storm slammed its way across the bottom portion of the East Coast. Hurricane Matthew left its mark on states along the coast from Florida right through to Virginia. Damage was extensive in central Florida. That said, it wasn’t nearly as great as predictions had suggested. The area…

Hurricane Matthew insurance losses may not be as bad as expected

October 10, 2016October 7, 2016 Julie Campbell

Early predictions estimated that insured costs could reach $25 billion to $30 billion from the storm. Early industry estimates had suggested that Hurricane Matthew insurance losses may be the second highest the country has ever seen. This storm represented the first direct hit the United States has experienced from a hurricane in over ten years. It is still too early to know the total cost of the damage it caused. Estimates had said it could be as high as $25 billion to $30 billion. This would make the storm the…

Mexico insurance industry expected to handle the impact of Hurricane Patricia

October 29, 2015October 28, 2015 Logan B.

A.M. Best provides some insight into Mexico’s insurance industry A.M. Best, a rating agency based in the United States, has issued a comment concerning Mexico’s insurance industry and how it may be impacted by Hurricane Patricia. The powerful storm formed alarmingly quickly in the Pacific ocean and was the strongest hurricane ever recorded, with sustained winds recorded in excess of 200 miles-per-hour. While the storm dissipated quickly once making landfall, there are still serious concerns regarding flooding and the damage that heavy rainfall has caused. Insurers are expected to be…

AIR Worldwide Updates Estimates of Insured Value of U.S. Coastal Properties

June 3, 2013 Guest Author

BOSTON, June 3, 2013 – Catastrophe modeling firm AIR Worldwide has released an update to its “The Coastline at Risk” report. The update presents and discusses AIR’s most recent estimates of the insured value of residential and commercial properties in states along the Eastern Seaboard and Gulf Coast of the United States. While above-average sea surface temperatures in the last nearly two decades have elevated hurricane activity in the open Atlantic, there is a far more certain driver of U.S. hurricane risk that the insurance industry faces. It is the…