Floods News

Storm Henk Causes Estimated £150 Million in UK Insured Losses: PwC

Storm Henk, which battered Britain last week, caused around 150 million pounds ($190 million) in insured losses and damaged around 2,000 properties, consultants PwC said on Wednesday. Heavy rain caused major rivers to burst their banks and the government issued …

Update: Floods Strand Cows, Damage Crops as Wild Weather Hits Australia

Heavy rains and flooding across Australia’s southern state of Victoria has damaged crops and stranded cattle as a months-long run of wild weather on the nation’s east coast leaves a trail of destruction. Severe storms have lashed Victoria since October, …

Turkey Earthquake Tops 2023 Insurance Industry Losses Outside US: CRESTA

The largest non-US natural catastrophe in 2023 was the Kahramanmaras Earthquake Sequence in Turkey on Feb. 6, which generated an industry loss of US$5.8 billion, the largest ever cat loss for the Turkish insurance market, according to CRESTA, the Zurich …

Nigeria’s Worst Flood in Decade Caused Billions in Economic Damage

Nigerian floods last year that claimed hundreds of lives also caused up to $9 billion in damage, according to a report from the National Bureau of Statistics. The assessment, conducted in collaboration with the World Bank, placed the cost of …

Insured Losses From Severe Convective Storms in US Top $50B for 1st Time: Aon

Insured losses from severe convective storms in the United States continued to increase during the third quarter, surpassing the $50 billion mark for the first time on record and accounting for roughly 60% of all global insured losses, according to …

Record Heat Unleashes Deadly Floods – From US to Libya

Extreme heat is usually associated with drought and wildfires. But across five continents this year, it’s also unleashed a different kind of disaster: deadly flooding. Cities around the world have seen record rainfall 139 times in 2023. A rare hurricane-like …

US Home Insurance ‘Bubble’ Closer to Popping as Climate Risks Mount: Report

Home insurance costs that have soared in much of the US may get even higher. Tens of millions of properties around the country are insured at prices that haven’t caught up with the danger of hurricanes, wildfires and floods, according …

Hong Kong’s Floods to Hit Insurers’ Earnings, Could Pressure Reinsurance Renewals

The recent devastating floods following Super Typhoon Saola in Hong Kong and other parts of China may add further pressure to the upcoming reinsurance renewals in January, according to an AM Best commentary. The overall impact of the rainstorm is …

Hong Kong Sees Heaviest Rainfall on Record; Insurance Claims Could Exceed $100M

Hong Kong’s heaviest rainstorm since records began in 1884 flooded the financial hub’s streets and sent torrents of water rushing through subway stations, bringing much of the city to a standstill and forcing the stock market to scrap trading on …

Slovenia Estimates €7 Billion Price Tag for Reconstruction After Floods

Rebuilding from this month’s floods in Slovenia will cost €7 billion ($7.6 billion) over the next five years, Prime Minister Robert Golob said. The government is preparing new legislation to serve as a road map for reconstruction after the worst …