Tag: natural disasters

Hurricane Matthew insurance losses may not be as bad as expected

Julie Campbell
cost of hurricanes to insurance

Early predictions estimated that insured costs could reach $25 billion to $30 billion from the storm. Early industry estimates had suggested that Hurricane Matthew insurance losses may be the second highest the country has ever seen. This storm represented the first direct hit the United States has experienced from a hurricane in over ten years. It is still too early to know the total cost of the damage it caused. Estimates had said it could be as high as $25 billion to $30 billion. This would make the storm the…

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Natural disaster damage is causing the insurance industry to struggle

Julie Campbell
Natural Disaster damage insurance trends

Insurers are facing growing challenges with the cost of environmental catastrophes from fire to flooding. A new statement from the Insurance Bureau of Canada has underscored the challenges caused by natural disaster damage to insurers. The insurance companies in Canada are struggling with a rising number of environmental catastrophes. The statement pointed out that the most at-risk property owners will likely find themselves paying more for coverage. This situation is hardly one that is exclusive to the country as insurance companies worldwide face costly challenges. The Insurance Bureau of Canada’s…

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West Virginia flood insurance rare despite increased risk

G. Turner
West virginia Flood Insurance Coverage

The vast majority of homeowners don’t have coverage against the most expensive type of natural disaster. West Virginia flood insurance has yet to become commonplace in that market. That is problematic when taking into account the fact that flooding is the fastest growing form of natural disaster. Moreover, it is also the most costly form of natural disaster in the state. In the majority of West Virginia counties, not even one percent of households have this insurance coverage. Not even a month after deadly flooding struck a great deal of…

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Atlantic hurricane season starts today and may be an active one

Julie Campbell
insurance news - atlantic hurricane season

North America could be in for a more active storm season in 2016 than has been the case for the last few years. The North American east coast may be getting itself ready for activity this Atlantic hurricane season, which means that residents, businesses and insurance companies on that side of the continent should likely start to keep an eye on weather reports and take the right steps to prepare. Over the last few years, major hurricanes have been few in numbers, but it only takes one to bring catastrophe.…

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Texas hailstorms highlight the importance of homeowners insurance

S.Vagus
homeowners insurance hail damage storm

Hailstorms batter Northern Texas, showing consumers the need for insurance coverage Northern Texas was recently the victim of a major hailstorm, which has highlighted the need for comprehensive homeowners insurance coverage. In the Dallas area, insurers experienced a flood of claims, which were the result of a hailstorm that passed through the region. As with all natural disasters, the hailstorm struck without warning, causing significant damage to property and vehicles in some parts of the region. Some homeowners have been experiencing hail damage for weeks due to unfavorable weather patterns.…

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