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…
Read MoreReinsurance industry may be facing troubling times despite recent victories
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…
Read MoreTropical Depression Don Makes Landfall in Texas
BOSTON, July 31, 2011– According to catastrophe modeling firm AIR Worldwide, Don, the fourth named storm of the Atlantic hurricane season, made landfall late Friday near Baffin Bay, Texas, as a tropical depression. Dry air and shear tore the storm apart such that its winds—tropical storm-strength as Don approached the Texas coast—weakened to roughly 35 miles per hour as the storm crossed ashore. As of 10 PM CDT Friday night, just after landfall, all tropical storm watches and warnings for Texas were discontinued. On Friday afternoon, before the storm touched…
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