Floods News

Insurers to Pay an Estimated $1.3B for Cyclone Debbie: Swiss Re

Cyclone Debbie cost Swiss Re an estimated $350 million and the insurance industry roughly $1.3 billion, the world’s second-biggest reinsurer said on Thursday, an unusually high loss that could see reinsurance prices rise in Australia. Cyclone Debbie, a Category 4 storm, slammed into …

EU to Pay €60M to Britain for Repair of 2015-16 Flood Damage – Despite Brexit

Britain will get 60 million euros (51.3 million pounds) from the European Union to repair damage caused by the floods last year, a lawmaker said on Tuesday. Britain had asked for EU support to rebuild infrastructure damaged by heavy rains …

FM Global Creates Global Flood Map to Help Businesses Manage Flood Risk

With flooding on the rise around the world, Johnston, R.I.-based FM Global said it has created an interactive Global Flood Map to help companies manage this increasing and potentially costly risk. The Global Flood Map provides business executives with a strategic planning tool, while …

Australia Floods in Wake of Cyclone Debbie Kill 4, Disrupt Mining

Damage to rail lines in cyclone-hit northeast Australia is set to disrupt exports of the steel-making material from the world’s largest coking coal region, underpinning prices and raising the prospect of major producers declaring force majeure. The extent of the …

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 …