Tag: natural disasters

News Report from AIR Worldwide Puts Recent Catastrophe Losses in Perspective

Guest Author
Insurance News on catastrophe insurance losses

BOSTON, Jan. 16, 2013 – In 2011, insured losses from global natural catastrophe losses exceeded USD 110 billion according to industry sources, the second-highest figure ever recorded. A new report from catastrophe modeling firm AIR Worldwide reveals that there is nearly a 7 percent probability that the global insurance industry will experience this loss level or greater in any given year (translating to a 15-year return period loss). AIR’s report titled Taking a Comprehensive View of Catastrophe Risk Worldwide not only puts the 2011 losses in perspective but also examines…

Read More

Crop insurance payouts show modest damage

S.Vagus
Crop Insurance

Drought spurs moderate crop insurance payouts this year The ongoing drought that has gripped much of the U.S. may not be as economically calamitous as had been predicted, according to insurance payouts to farmers in some of the most drought-stricken states. Earlier this year, farmers had expected to lose the vast majority of their produce due to severe drought. While the drought proved to be one of the worst the country has experienced in its history, spurring the federal government to purchase stocks of fish and produce, the economic impact…

Read More

Insurance Information Institute sees premiums rise in wake of Hurricane Sandy

homeowners insurance cost rising

Insurance Information Institute notes homeowners insurance rates are on the rise and have been for some time Hurricane Sandy is expected to have a significant impact on homeowners insurance premiums in the Northeast U.S., according to the Insurance Information Institute. The trade association suggests that major storms like Sandy often have an impact on insurance rates, but Sandy is not the only factor that is going into the growing premiums of homeowners insurance coverage. The Insurance Information Institute suggests that premiums have been growing since mid-2011 and that Hurricane Sandy…

Read More

Hurricane Sandy victims suffer long wait for insurance adjusters

S.Vagus
Hurricane Sandy Damage flood Insurance surcharge

Hurricane Sandy brings significant delays to claims processing Hurricane Sandy may be gone, but its impact is expected to be felt well into the future. Homeowners affected by the powerful storm have been struggling with their insurance providers. Insurance adjusters were deployed ahead of the storm to help manage claims and make sure everything was processed in a quick and efficient manner. Unfortunately, Hurricane Sandy has proven to be more problematic than insurers had previously expected. Insurance adjusters are now telling victims that it could take more than two weeks…

Read More

New York braces for another powerful storm

S.Vagus
Hurricane Sandy Flood Insurance New York Storm

New York insurers will have to accept photo proof of storm damage New York is still reeling from the impact of Hurricane Sandy, which plowed through the state late October. Now, New York is facing another storm front threatening to worsen the problems it is already facing. Governor Andrew Cuomo claims that the oncoming storm is “serious” and that it could deal yet another painful blow to homeowners. Because the storm presents a threat, the Governor has taken action and has declared that insurance companies will accept photo proof of…

Read More