Tag: natural disaster insurance

South Asian Insurance industry suffering massive losses from cyclones

G. Turner
south asian Insurance industry India

Weather coverage segment may be seeing loss ratios as high as 100 percent. Damage to crops that has occurred as a result of cyclones could be leading to higher loss ratios in the weather South Asian insurance industries, with predictions that they could be as high as 100 percent, this year. Cyclone Phailin has caused a tremendous loss ratio this year when it struck in October. The crop damage that was caused by Cyclone Phailin when it struck the coast of Orissa and Andhra Pradesh early in October may lead…

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Insurance industry won’t hurt too much from Cyclone Phailin

Julie Campbell
south asian Insurance industry India

It is believed that the losses will be less than an estimated $1.6 million, possibly much less. On Saturday, Cyclone Phailin smashed its way through Odisha and Andhra Pradesh in India, following a massive evacuation of the area, leaving the world and the insurance industry to wonder what would be left behind. Officials are now saying that there may not be very large losses for insurers to have to face. According to those officials from the insurance industry, the largest amounts of destruction were sustained by “kuchcha houses” (which are…

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Homeowners insurance rates skyrocketing following massive flooding

Julie Campbell
layoff employment Insurance Industry - Alberta, Canada

The June floods in Alberta are not only causing record level costs, but also spikes in premiums. Now that the flooding in Alberta has been labeled as the most costly natural disaster that Canada has ever faced, it has become clear that this massive expense will be reflected in future homeowners insurance rates. The damage is estimated to have reached $1.7 billion, so far, and claims continue to pour in. Regardless of whether or not they live in a flood zone, many property owners have already seen their homeowners insurance…

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Tornado insurance claims in May broke the 75k mark

H. Cutner
Tornado insurance

The payments, so far, have reached almost $688 million for homes and twisters damaged by tornadoes. The claims that were made related to the twisters that occurred in Oklahoma over the month of May have now broken the 75,000 mark, to the point that insurers have now made almost $688 million in tornado insurance payments. On June 26, the number of claims that had been filed for this type of damage reached 75,758 in the state. On that same date, the payments made on tornado insurance claims in Oklahoma for…

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Heavy Rains Cause Record Flooding and Landslides across Central Europe: AIR Worldwide

Guest Author
Europe insurance industry Flooding and Heavy Rains

According to catastrophe modeling firm AIR Worldwide, Central  Europe has been inundated during the past several weeks with heavy and relentless rain, which has resulted in some of the worst floods seen in the area in more than  70 years. The floods have reached record levels, particularly in Germany, Austria, and the Czech Republic. Switzerland, Hungary, Slovakia, and Poland are also  affected. The heavy rains are resulting in landslides in many mountainous areas, while in the floodplains, which were already saturated due to rains in previous weeks, river levels rose…

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