Teams of employees in the industry find themselves in on-demand positions with hurricanes, storms, and wildfires. Throughout this active season of hurricanes, heavy storms, wildfires and earthquakes, the insurance workforce has been maintaining a steady on-call status. Historic flooding, rainfall, winds and tremors have left billions upon billions of dollars in property damaged or annihilated. Homes, businesses, vehicles, equipment and products have been destroyed by active extreme weather. Hurricane Harvey, Hurricane Irma, the and the wildfires across the American west have left devastation behind, as Mexico experienced an earthquake more…
Read MoreTag: natural disaster
California insurance industry warned of “significant risk” from Oroville Dam
Concern over the dangers presented from the 770 foot structure’s damaged spillway has not disappeared. The next rainy season is only months away and the California insurance industry faces a “significant risk” from the Oroville Dam and its damaged spillway. Experts are cautioning the industry, residents of the region and pretty much anyone else who will listen about that the next time the waters rise could end far worse than the last time. Raging waters last month caused America’s tallest dam to experience critical damage. That damage has yet to…
Read MoreThousands without Louisiana flood insurance risk financial devastation
Uninsured residents may face overwhelming losses as a result of the rising floodwaters in the state. Thousands of people who don’t have Louisiana flood insurance are now risking considerable financial losses. While they aren’t without any assistance, the lack of coverage will mean significant out of pocket expenses. Many of the people whose houses are underwater have never had the slightest problem with flooding before. FEMA and other organizations will be prepared to provide a certain amount of assistance to the uninsured. These organizations are designed to help people such…
Read MoreInsurance industry won’t hurt too much from Cyclone Phailin
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…
Read MoreMassive Wildfire Burns More Than 140,000 Acres of Yosemite Wilderness
According to catastrophe modeling firm AIR Worldwide, a massive wildfire that started just over a week ago is currently racing along the remote northwest corner of Yosemite National Park. Dry, warm conditions and winds gusts between 15 to 30 mph are fueling the blaze, which is currently at 7% containment. The fire has already consumed more than 225 square miles of Yosemite’s wilderness-known to be some of the most beautiful in the world-and is threatening two groves of California’s iconic sequoia trees. According to the U.S. Forest Service, the fire…
Read More