Aon report focuses on impact of US natural disasters

Natural Disaster damage insurance trends

US disasters deal costly blow to global insurance industry, according to Aon Aon Benfield, a leading reinsurance and catastrophe modeling firm, has released its latest Annual Global Climate and Catastrophe Report. The report highlights the impact that natural disasters have had throughout the world and how these disasters have hit the global insurance industry and economy. According to the report, two of the world’s costliest natural disasters occurred in the U.S. While these disasters were largely confined to the borders of the country, Aon notes that their influence has sent…

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Hurricane Sandy emergency relief moves one step forward

Hurricane Sandy Damage flood Insurance surcharge

Hurricane Sandy relief package makes modest progress Little more than 10 weeks have passed since Hurricane Sandy visited the East Coast, leaving a path of destruction in its wake. The recovery effort is still underway as those affected by the storm try to regain some semblance of balance in their lives. Late last week, the U.S. House of Representatives finalized their approval of a $50.5 billion emergency relief plan designed to help the victims of Hurricane Sandy. The move exposed divisions throughout the Legislative branch, creating a significant amount of…

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Hurricane Sandy incites major confusion in New Jersey

Flood Insurance Hurricane Sandy Jersey Shore

Hurricane Sandy causes widespread confusion The impact of Hurricane Sandy continues to be felt despite the storm having made landfall and dissipating several months ago. A New Jersey State Assembly committee met late last week to address yet another issue that has arisen in the wake of Hurricane Sandy. Over the past few months, lawmakers and citizens alike have been working to overcome problems with insurance coverage, claims, and the damage caused by widespread flooding. Now, however, state officials must combat the growing confusion that Hurricane Sandy has generated, which…

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Hurricane Sandy spawns class-action lawsuit against insurers

New Jersey homeowners insurance law

New Jersey victims file suit against insurers in wake of Hurricane Sandy Hurricane Sandy continues to cause problems along the East Coast. Though the storm is long over, its effects can still be felt in numerous states. Insurers may soon feel another financial impact as a result of the storm, but it will be coming from consumers instead of the storm itself. Hurricane Sandy victims from New Jersey have filed a class-action lawsuit against nine insurance companies. The suit claims that these insurers denied claims through the misinterpretation of something…

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Hurricane Sandy beats Katrina in claims

Hurricane Sandy Flood Insurance New York Storm

Hurricane Sandy generating more claims than Hurricane Katrina Hurricane Sandy may be little more than a bad memory for some, but the insurance industry is still reeling from the impact of the storm. The storm struck eastern states very hard, generating massive storm surges that caused widespread floods in New York and its neighboring states. Hurricane Sandy generated thousands upon thousands of flood insurance claims. The National Flood Insurance Program is reporting that it has received more claims than it had seen from 2005’s Hurricane Katrina. Sandy shows more in…

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