Live Insurance News

Massive EF-5 Tornado Causes Destruction in Moore, Oklahoma

May 21, 2013May 25, 2013 Guest Author

BOSTON, May 21, 2013 – According to catastrophe modeling firm AIR Worldwide, at 3:01 p.m. on Monday, May 20, 2013, a massive tornado struck Moore, Oklahoma, a suburb of Oklahoma City, destroying many homes, businesses, and public buildings, including two elementary schools and a hospital. According to reports and aerial images, property damage in the affected region is extensive, with whole neighborhoods heavily damaged or destroyed. “A slow-moving upper level low pressure system triggered a series of severe thunderstorm outbreaks across the Central Plains starting on May 19,” said Dr.…

Powerful M7.8 Earthquake Strikes Iran-Pakistan Border

April 17, 2013April 17, 2013 Guest Author

According to catastrophe modeling firm AIR Worldwide, just after 3:00 p.m. local time (10:44 UTC) on April 16, a powerful M7.8 earthquake struck… a sparsely populated area of southeastern Iran about 50 kilometers (30 miles) from the country’s border with Pakistan. According to the United States Geological Survey (USGS), the earthquake struck at a depth of 82 kilometers (51 miles). The Iranian Seismological Center characterized the quake as the worst to strike the country in 40 years. It was felt as far away as New Delhi, India, and the…

Tropical Cyclone Rusty to Deliver High Winds, Heavy Precipitation and Flooding to Coast of Western Australia

February 27, 2013 Guest Author

According to catastrophe modeling firm AIR Worldwide, Tropical Cyclone Rusty formed only on Saturday, February 23, but grew rapidly and intensified due to… low wind shear (5-10 knots) and very warm waters off the northwestern coast of Australia (31-32° C). It is expected to intensify further as it approaches the coast as the upper level environment remains highly conducive for development. Rusty is expected to make landfall near Port Hedland around 6 p.m. WST on Wednesday Feb. 27 (5 a.m. EST, Wednesday 2/27) as a severe tropical cyclone-a Category 4…

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

January 8, 2013January 8, 2013 Nordstrom

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…

AIR Worldwide Reports from Areas Affected by Sandy

November 15, 2012November 15, 2012 Guest Author

Hurricane Sandy Damage flood Insurance surcharge

According to catastrophe modeling firm AIR Worldwide, Sandy’s diameter made it the largest Atlantic hurricane on record in terms of the span of tropical storm-force winds. The huge radius helped to keep the winds at Category 1 intensity and allowed the storm to interact with a system from the west that resulted in severe weather across a wide swath of the eastern United States. This week two AIR teams were deployed to survey damage in New York and New Jersey. Commentary in this report provide an initial glimpse into the…

Senator Schumer takes aim at insurers in wake of Hurricane Sandy

November 12, 2012November 12, 2012 S.Vagus

Senator Schumer troubled over actions of insurance companies Hurricane Sandy has caused a lot of trouble for insurance companies, consumers, and state governments in the Eastern U.S. New York, in particular, has seen a great deal of these troubles manifest in the wake of the powerful storm. With storm surges causing widespread flooding and damages being done to homes and other properties, the state is reeling from the impact of Hurricane Sandy. Senator Charles Schumer believes that the troubles are just beginning for the state, however, especially as insurers look…

Climate change threatens insurance industry

October 12, 2012October 12, 2012 S.Vagus

Natural Disaster damage insurance trends

Climate change may be a significant problem that cannot be ignored Natural disasters are nothing new to the world. Countries have been battered by floods, hurricanes, earthquakes, volcanic eruptions, and other catastrophes since before they were officially countries. In the world of business, few industries are so well acquainted with natural disasters as the insurance industry. The industry, as a whole, is well versed in the monitoring of weather patterns and has been able to accurately predict the impact an effects of several natural disasters around the world. According to…