The Federal Emergency Management Agency (FEMA) and disaster officials are continuing to request that people who have been affected by the results of Hurricane Irene to contact FEMA and register with them, even if they are already receiving payments from their insurance companies to help cover the damages. The issue that is concerning disaster and recovery officials right now is that many people are under the impression that the money they receive from their insurance companies is all that is available to them in terms of recovery aid when this…
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AIR Revises Its Industry Insured Loss Estimates for Hurricane Irene in the Bahamas Based on Updated Information Concerning Insurance Penetration
BOSTON, Sept. 15, 2011, — Catastrophe modeling firm AIR Worldwide has revised its industry insured loss estimates for Hurricane Irene’s impact in the Bahamas to between USD 200 million and USD 400 million (previously USD 300 million to USD 700 million). AIR’s loss estimates for other countries in the Caribbean remain unchanged as do the estimates for losses from Irene in the United States. With the new estimates for the Bahamas, AIR now estimates industry insured losses for all impacted Caribbean countries at between USD 400 million and USD 800…
Read MoreThree storms in the Atlantic have insurers and storm watchers worried
As the hurricane season continues its slow march, new storms are appearing in the Atlantic Ocean, spurring concerns that this season may make good on the promise of unusually high activity. The National Hurricane Center has been tracking Hurricane Katia for a number of weeks as it has hovered just off the East Coast, fluctuating between hurricane status and that of a tropical storm. Two new storms have sprouted in the Atlantic and the Gulf of Mexico, and both have storm watchers worried. At present, Katia is designated as a…
Read MoreTexas wildfires wreak havoc on citizens and the insurance industry
Texas is battling a raging wildfire that has broken out in Bastrop, Hays, Travis and Williamson counties. The fires have already scorched more than 100,000 acres of land and burned several hundred homes throughout Central Texas. Many communities have been evacuated as no end is currently in sight for the wildfires. The disaster is expected to add to the financial strain bearing down on the nation’s insurance industry, which is already reeling from two costly flooding disasters stemming from Hurricane Irene and Tropical Storm Lee. Insurers are estimating that the…
Read MoreStorms raging in the Southeastern U.S. may put heavy burden on those without flood insurance
Tropical Storm Lee is making its way through the Southeastern U.S. bringing torrents of rain and the fear of widespread flooding. On its heels is Hurricane Katia, which has forecasters baffled as to where it will be heading. Lee made landfall over the weekend, inundating Florida, Georgia, Mississippi and parts of Louisiana with water. The storm will put strain on an insurance industry that is already reeling from the passing of Hurricane Irene last week and has many worried whether the industry can handle another flood disaster. Flood insurance is…
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