Tag: wildfire insurance

Why Global Insurance Premiums Dropped While US High-Risk Areas Face Rate Hikes

G. Turner
Global Insurance Premium

Global Insurance Premiums Fall Amid Competitive Dynamics, But US High-Risk Areas Feel the Heat Global insurance premiums dropped by 0.9% in 2024, marking the first overall decline in seven years. This shift follows a prolonged period of rate hikes that bolstered insurer profitability but attracted new market players eager to claim their piece of the pie. According to a report by Howden, the influx of competitors has driven prices downward, resulting in a more contested landscape. Yet, this competition unfolds against a backdrop of persistent economic challenges, including inflation and…

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Wildfires are Getting Worse – Geospatial Data Can Help

Antoine Rostand
Geospatial Data and wildfires

How Wildfires Are Transforming America’s Landscape As I write this, fires burn in the north-eastern United States. More than 500 wildfires have broken out in New Jersey alone this autumn, and in recent weeks there have been fires in Connecticut and Pennsylvania, too. A 5,000-acre fire has been burning for over a week on the New York border. And that’s just one region, in one country. I could mention Portugal or Australia, California or Greece. This isn’t normal. Wildfires are getting worse. Why? Because of climate change. Thanks to global…

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House Committee Gives Green Light to Wildfire Insurance Coverage Study

Loreen
wildfire insurance study act

Setting Opinions Aside: An Objective Look at Wildfire Insurance In the wake of devastating wildfires across the country, the House Financial Services Committee has taken a significant step towards addressing the growing concern over insurance coverage for damages resulting from such disasters. With a strong bipartisan backing, the committee has forwarded a bill that mandates a comprehensive study on the state of wildfire insurance. Rep. Patrick McHenry, R-N.C. and chair of the committee, emphasized that the conversation about wildfires must transcend the usual debate on climate change, focusing on observable…

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Insurance rates countrywide could be impacted by extreme weather trends

H. Cutner
Insurance rates Rise - Extreme Weather

Millions of people across the country are already facing higher rates due to natural disaster risks. Across the United States, millions of homeowners have been watching their insurance rates climb in recent years due to the spiking risk of high winds, floods and wildfires, said a new analysis. Around 12 million US properties could see increases to their premiums due to flood risk alone. Almost 24 million properties will experience higher insurance rates because of the risk of wind damage, and about 4.4 million property owners will need to pay…

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Travel insurance claims abound among those who planned a Maui vacation

H. Cutner
Travel insurance Claim form

Travelers who booked trips to the Hawaiian island devastated by wildfires are seeking to cancel. The Maui wildfires are causing people who had intended to travel to the island to look to their travel insurance and credit cards to obtain a refund for the plans they had booked but that they now intend to cancel. Many people who had intended to head to the Hawaiian island now want refunds for their trips. This unfortunate situation is being used by many agents as a reminder to clients about the importance of…

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