Floods News

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 …

Caribbean Cat Facility, CCRIF, Pays Belize for Excess Rain From Hurricane Earl 

CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) made a pay-out of US$261,073 to the government of Belize as a result of heavy rains from Hurricane Earl on Aug. 4-5. Rainfall from the hurricane caused widespread flood damage to homes and …

RMS Releases Suite of Europe Inland Flood Risk Data to Open U/W Opportunities

RMS, the Newark, Calif.-based catastrophe risk management firm, has released a suite of Europe inland flood hazard data products. Describing the release as “the highest resolution view of the risk available on the market,” RMS said the data products include …

Just 2% of China’s July Floods Covered by Insurance, vs. Nearly 70% in U.S.: Aon

China’s seasonal “Mei-Yu” rainfall in July led to the worst flooding since 1998, bringing total combined economic losses of an estimated US$33 billion, according to a report published by Impact Forecasting, Aon Benfield’s catastrophe model development team. Affecting the Yangtze …

XL Estimates Q2 Cats to Cost $240M, Led by Alberta Wildfires

XL Group Plc, the insurer that expanded last year with the purchase of Catlin Group Ltd., said second-quarter catastrophe costs were probably about $240 million pretax, with wildfires in Alberta, Canada, responsible for about half the total. Flooding in Europe …

Storms & Earthquakes Drive Up Insured Losses in 1H 2016: Munich Re

Economic losses caused by natural catastrophes in the first half of 2016 totaled US$70 billion, a significant increase from the $59 billion reported for the first half of last year, according to a loss review issued by Munich Re. While …