Polar vortex batters the insurance industry

winter water homeowners insurance industry

Polar vortex slams into the US, causing significant problems during the first two weeks of January The first two weeks of 2014 were marked by an unusual natural event that has been called the “polar vortex.” The event affected the majority of the U.S., causing property damage throughout the country as well as business interruption. The polar vortex broke into the U.S. on January 3, 2014, and lingered for nearly two weeks thereafter, bringing freezing temperatures and heavy snowfall to many states throughout the country. All states, including those notorious…

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Crop insurance to help protect sunflower growers in Tanzania

Crop Insurance

The Handeni District in the Tanga region can now benefit from this protection from the weather. Muhingo Rweyemamu, the commissioner for the Handeni District of the Tanga region in Tanzania, has announced that there will now be new forms of crop insurance products and services available to sunflower farmers who have been struggling with unfavorable weather conditions. This micro-coverage initiative has been called the Weather Index Insurance (WII). It is being run by the Small Industry Development Organisation – International (Sido-Ifad), which has support from the Rural, Small and Medium…

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2012 hurricane season may be more peaceful than previous years

Hurricane season 2012

Weather Service International announces calmer season for the U.S. The global insurance industry has been holding on to hope that 2012 would be less prone to disasters than its two predecessors. Storms earlier in the year damage this resolve, causing a significant amount of insured losses around the world. Major storms in the U.S. have left the country’s insurance industry on its heels. Things may be looking up for U.S. insurers, however, according to a recent announcement from Weather Services International, a global weather monitoring service. 2012 to have below…

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New weather insurance market emerging

It is estimated that over 90% of crop loss is due to unexpected weather conditions. As the climate grows less predictable, the more agricultural businesses, and homeowners, are put at risk. WeathrBill, a company that sells insurance online to protect against unpredictable weather, has caught the eye of Google, who will be investing in the company for $42 million. WeatherBill uses algorithms to calculate risk factors when determining what policies are best for shoppers. Their Total Weather Insurance product is the first full-season protection program in the U.S. that addresses…

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