Tag: insured losses

Obama signs relief bill for hurricane Sandy but that’s just the start

Nordstrom
US Congress Hurricane Sandy Relief Plan

Hurricane Sandy Aid – congress to vote on more funds The $9.7 billion flood relief bill for insurance claims was signed into law by Pres. Obama while House waits to vote on a larger Sandy relief deal worth up to $51 billion. Pressure from FEMA The Federal Emergency Management Agency (FEMA) had pushed for Sandy relief, stating that without addition funding they money to help will quickly run out. The White House reports that over 100,000 claims could not be paid out without more funding from Congress. John Boehner, Speaker…

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Cyclone Lua Poised to Make Landfall on Port Hedland

Guest Author

BOSTON, March 16, 2012 – According to catastrophe modeling firm AIR Worldwide, the fifth cyclone of the season in Australia, Cyclone Lua is poised to make landfall as a strong Category 3 storm (on the Australia tropical cyclone scale) sometime tomorrow morning between Pardoo and Walall. This region is home to Australia’s largest iron ore port as well as several oil and gas facilities. As of the Australia Bureau of Meteorology (BOM) 8:52 p.m. WST advisory today, Cyclone Lua was about 390 kilometers north-northwest of Port Hedland and 495 kilometers…

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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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FDIC closes more banks – trend could lead to stricter legislations

The Federal Deposit Insurance Corporation (FDIC) announced the closing of three small banks this week, bringing this year’s total to 80 nationwide. Banks, both large and small, have been closing at a rapid pace, most unable to recover from the financial disaster wrought by the 2008 recession. In 2010, the agency shut down a total of 157 banks, costing billions of dollars in insured losses to the federal government. Officials say that the pace of bank closures has slowed for the time being, but that the economic pressure caused by…

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Reinsurance industry may be facing troubling times despite recent victories

H. Cutner

After facing uncertain and worrisome times in 2008 and 2009, the global reinsurance industry has been enjoying the relative successes of the past two years. Those two years have made a major difference in the industry as new risk models were released, allowing reinsurers to judge the value of risk more accurately. While the industry is certainly experiencing a time of prosperity, there are a number of factors that are adding to concerns about the future and what can be done to mitigate disasters that may be looming on the…

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