Floods News

Weather Events in U.S., Australia Cost Insurers $1B+ in February: Aon

Insurers face claims of more than US$1.0 billion as a result of severe weather events in the U.S. and Australia during February, according to a report published by Impact Forecasting, Aon Benfield’s catastrophe model development team. The report discussed the …

San Jose Floods Force Out Vietnamese Families

When the floodwaters rushed in last month in San Jose, a firefighter hauled Hien Nguyen to safety. She left behind the two-bedroom apartment she shared with a roommate for $1,000 a month, managing only to take her identification and her …

Severe U.S. Weather During January Cost Insurers More Than $1B: Aon

Major weather and flood events in the U.S. during January will cost the insurance industry more than $1 billion as tornadoes hit a 17-year high, according a report published by Impact Forecasting, Aon Benfield’s catastrophe model development team. The most …

PERILS Forms Alliance with CatIQ to Provide Industry Loss Data for Canada

PERILS, the independent Zurich-based organization that provides industry catastrophe insurance data, has announced that it has entered a strategic alliance with Toronto-based Catastrophe Indices & Quantification Inc. (CatIQ) to provide industry loss data for Canada via the PERILS Industry Loss …

Canada’s 2016 Nat Cats Bring Record Insured Damages of $3.7B

Insured damages from Canadian natural catastrophes during 2016 topped C$4.9 billion (US$3.7 billion) – smashing the previous annual record of C$3.2 billion (US$2.4 billion) set in 2013, according to the Insurance Bureau of Canada. “From the wildfires that swept through Fort McMurray in May to the …

PERILS Discloses Final Loss Estimate for UK Storm Desmond of £604M

PERILS AG has today disclosed its fourth and final loss estimate for the floods in the UK which occurred Dec. 4-24, 2015 and were linked to storm Desmond and other low pressure systems. The revised estimate of the insured property …

October Floods in Atlantic Canada Cost $100M-Plus in Insured Damage

A tropical moisture system resulting from Hurricane Matthew swept through Atlantic Canada last month, resulting in more than $100 million in insured damage, according to Insurance Bureau of Canada (IBC), which quoted a report from Catastrophe Indices and Quantification Inc. (CatIQ). A cold front interacting …

Climate Change Is Major Concern for 78% of SMEs: Zurich Report

Climate change is a major concern for small and medium-sized enterprises (SMEs), according to Zurich Insurance Group’s fourth annual global SME survey. Almost four-fifths (78 percent) of SMEs surveyed expected risks associated with climate change to have a significant effect …

Flooding on Hawaiian Island Prompts Emergency Proclamation

Maui residents and emergency crews are cleaning up following heavy downpours that flooded homes and caused landslides. Maui Mayor Alan Arakawa signed an emergency proclamation after the storm last week, which dropped nearly 10 inches of rain near Iao Valley. …

Hurricane Newton Hits Mexico with Threat of Flash Floods, Mud Slides

Hurricane Newton made landfall Tuesday morning in northwest Mexico and will probably cause damage from heavy rain. Cabo San Lucas, a popular tourist destination, will be hit by winds moving as fast as 90 miles (144 kilometers) an hour, according …