U.S. to be a “weather-ready” nation as the federal government takes measures to guard against destructive weather

To date, the cost of natural disasters befalling the U.S. has reached $35 billion. The year is not yet over and the National Oceanic and Atmospheric Administration (NOAA) predicts several turbulent storms crowding the horizon. While there can be no guarantee whether these storms will actually come to pass, the federal government is not willing to suffer more losses at the hands of nature. NOAA, along with the National Weather Service, is now tasked with making the nation “weather-ready.” The initiative aims to provide protection to communities throughout the nation…

Read More

Reinsurance industry’s future is stormy, may be at risk in the event of a major natural disaster

The global reinsurance industry is under enormous pressure to quickly recover from the calamitous events that happened all over the world earlier in the year. Natural catastrophes have taken a massive toll on insurance companies worldwide, and as these companies hemorrhage money, so too do reinsurers as they pour funds into these companies to keep them afloat. While the severity of disasters occurring earlier in the year has not been overtly cataclysmic, the frequency in which they occurred has put strain on a somewhat unstable global economy. Now, insurance and…

Read More

This year’s hurricane predictions are a big concern for insurance industry

Risk Management Solutions, a world leader in catastrophic risk modeling, has released a new study regarding hurricanes that has sent ripples of concern throughout the insurance industry. Hurricane season is here and it is expected that several major hurricanes will form in the Atlantic Ocean on their way to Florida. The study suggests that if even one of these hurricanes makes landfall and forces its way to the interior of the state, the damage would be unprecedented. This has caused many insurers in Florida to speculate how the report could…

Read More

Reinsurance company reports market strength despite major disasters

Willis Re, the reinsurance division of Willis Group Holdings (NYSE: WSH), has released their stimulating report “Shaken and Stirring”. Stirring is an understatement. The report shows that with the devastation in Japan, New Zealand, Chile and the Australian floods is still not enough to bring a hard market into play. The report finds that there has been rate increases on Natural Catastrophe Excess of Loss of between 5 and 50 %, but the recent massive earthquakes in Japan and New Zealand’s South Island are not significant to push market-wide pricing up.…

Read More