Live Insurance News

What are kitty cat storms and what do they mean to home insurance?

May 30, 2024May 29, 2024 Julie Campbell

These secondary weather systems are striking areas across the US, leaving damage behind While we tend to think of the most damaging weather that will impact home insurance as massive systems that take a long time to build and then stomp their way across the region, they’re not alone. Severe-convective storms are what the industry calls “secondary perils” The severe-convective storms, also known as kitty cat storms, are thunderstorms that build rapidly to the point of being large and powerful but disappear once again within a span of days or…

Insurance industry is beginning to respond to evolving global market

July 8, 2014July 7, 2014 Marc

Insurers and reinsurers are adopting a new approach to their markets Insurance and reinsurance companies are beginning to re-evaluate their business models as prices begin to soften throughout the global market. Risks are beginning to evolve and new investors are beginning to power changes within the commercial insurance market. These changes are encouraging companies to change the way they approach their chosen market sectors in order to better accommodate demand and ensure their continued sustainability. Companies are also feeling a greater need to balance their exposure to certain risks, especially…

Homeowners in California are lacking earthquake insurance

April 2, 2014April 12, 2014 Nordstrom

California Earthquake Authority - earthquake insurance

Recent quakes in California highlight the lack of appropriate coverage A recent spate of earthquakes in California has many homeowners worried about whether or not their properties are covered against the damaged caused by these natural disasters. On Friday last week, a 5.1 earthquake struck Southern California. The quake caused modest damage, but homeowners affected by the event are finding that they have to pay for these damages themselves as they lack the appropriate insurance coverage. The vast majority of homeowners insurance policies do not offer protection against earthquakes, but…

The World’s Most Expensive Insurance Claims

March 17, 2013March 15, 2014 Guest Author

Insurance News on catastrophe insurance losses

Damages add up big time for insurance industry. Insurance policies provide your business with security and assurance that your assets and possessions are accounted for in the event of unfortunate circumstances that directly affect your operations. Problems arise and come in different forms, but during the past decade, certain elements have become regular contributors in creating the most expensive insurance claims. By being able to identify and learn more about these factors, you can figure out if including them in your insurance policy is worth looking into. Natural elements Today’s…

Cleanup of Fierce Northeast Winter Storm Begins: AIR Worldwide

February 11, 2013February 12, 2013 Guest Author

BOSTON, Feb. 11, 2013 – According to catastrophe modeling firm AIR Worldwide, from New York 500 miles north to Maine and then into Canada, the fierce February 8-9 winter snow storm brought deep snow, high gusting winds, and significant storm surge along the New England coast. An estimated 40 million people have been affected and as of early Monday, there were no reports of substantial structural damage. “The storm developed late Thursday and in the early hours of Friday when a strong coastal disturbance that had developed along the Delmarva…