Insurance industry climate needs spur new NOAA and NSF research center

Insurance industry Needs and Climate Change -

A new agreement between the NOAA and NSF will support the creation of the new facility. The National Oceanic and Atmospheric Administration (NOAA) and National Science Foundation (NSF) have reached an agreement to establish a research center in order to help meet the changing needs of the insurance industry due to climate change. Insurers and reinsurers are among those experiencing the earliest repercussions of climate change. Moreover, the reinsurance and insurance industry are also among those who must develop a specific response to climate change. It must adapt to rapidly…

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Insurance company loses first federal Hurricane Laura court case

Insurance company - Law decision

A jury decided against the insurer in a victory for a Lake Charles commercial property owner. The first ever Hurricane Laura case heard by a federal court has ended in a decision against an insurance company and in favor of Joey Odem, the plaintiff who is the owner of a commercial property near Lake Charles’ Petro Point. This case represents only the first one heard in a federal court from among more than 3,000 filings. This was the first Hurricane Laura jury trial case, and it was not a win…

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Liberty Mutual posts Q3 losses due to natural catastrophe and asbestos charges

The Liberty Mutual Group, one of the largest property casualty insurers in the U.S., has posted their third quarter financial report. The report shows that the company has lost millions as the result of natural disasters and a high-profile asbestos lawsuit that was levied against the insurer earlier in the year. Last year, the insurer reported a net profit of $567 million during the third quarter, but 2011 has produced several major natural disasters that have shaken the insurance industry to its core. Liberty Mutual’s losses from catastrophic events for…

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