Insurance Journal » Floods http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Sat, 01 Aug 2015 08:17:24 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 Global Insured Cat Losses in First Half Are Below Long-Term Average: Munich Re http://www.insurancejournal.com/news/international/2015/07/14/374894.htm Tue, 14 Jul 2015 10:28:35 +0000 http://www.insurancejournal.com/?p=374894 Overall losses and insured losses from natural catastrophes during the first half of 2015 were below long-term average values, according to a review of global natural catastrophes issued by Munich Re. Total natural catastrophe losses incurred in the first half …

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UK Insurers to Stress Test Capital Reserves Against Synchronized Terrorist Attack http://www.insurancejournal.com/news/international/2015/07/10/374667.htm Fri, 10 Jul 2015 12:37:59 +0000 http://www.insurancejournal.com/?p=374667 UK regulators have asked property and casualty insurers to stress test their capital reserves against catastrophes, including a synchronized terrorist attack in London, New York and one other major city. The Prudential Regulation Authority (PRA) published the exercises last week …

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Storm Brewing Over Yucatan Peninsula Threatens Texas and Louisiana http://www.insurancejournal.com/news/southcentral/2015/06/15/371737.htm Mon, 15 Jun 2015 11:56:02 +0000 http://www.insurancejournal.com/?p=371737 The Atlantic’s second storm of the year may be developing over the Yucatan Peninsula, with the potential to reach Texas and Louisiana and flood Houston for the second time in a month. Thunderstorms moving northwest from the Yucatan along the …

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Investors Must Factor Climate Change in Their Portfolio Risk: Mercer Study http://www.insurancejournal.com/news/international/2015/06/05/370622.htm Fri, 05 Jun 2015 09:51:48 +0000 http://www.insurancejournal.com/?p=370622 Most investors need to make a significant behavioral shift and start factoring climate change into their portfolio risk management, a study on its impact on financial market returns found. Government officials are meeting in Germany this month to work on …

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El Niño Strengthens as Pacific Temperatures Show Same Trend as ’97-’98 http://www.insurancejournal.com/news/international/2015/05/26/369237.htm Tue, 26 May 2015 08:10:25 +0000 http://www.insurancejournal.com/?p=369237 The El Niño taking hold across the Pacific strengthened, according to Australia’s Bureau of Meteorology, citing indexes of sea-surfaces temperatures that showed the same trend for the first time since the event in 1997-1998. All five NINO indexes, averaged over the past …

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Aon Benfield Launches Canada Flood Model to Help Manage Exposures http://www.insurancejournal.com/news/international/2015/05/18/368493.htm Mon, 18 May 2015 09:46:09 +0000 http://www.insurancejournal.com/?p=368493 Impact Forecasting, Aon Benfield’s catastrophe model development team, has developed a fully probabilistic flood model for Canada to help insurers and reinsurers better underwrite and manage their riverine and off-flood plain exposures. The model was developed in response to devastating …

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El Nino Emerges; Asia-Pacific Region Faces Months of Disruptive Weather http://www.insurancejournal.com/news/international/2015/05/13/368018.htm Wed, 13 May 2015 06:01:32 +0000 http://www.insurancejournal.com/?p=368018 In 2009, the El Nino brought the worst drought in four decades to India. It razed wheat fields in Australia and damaged crops across Asia. Food prices surged. A closely watched forecast by Japan on Tuesday confirmed its return this …

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Guy Carpenter Launches G-CAT® Canada Flood Model http://www.insurancejournal.com/news/international/2015/04/16/364665.htm Thu, 16 Apr 2015 13:30:01 +0000 http://www.insurancejournal.com/?p=364665 Guy Carpenter launched its G-CAT® Canada Flood Model, which it describes as the first ever probabilistic flood model for Canada that enables insurers to assess their exposure to flood, Canada’s most frequently occurring natural hazard. Large areas of Canada experience …

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Floods & Drought Amid Climate Change Cost Global Economy Billions: Oxford http://www.insurancejournal.com/news/international/2015/04/14/364192.htm Tue, 14 Apr 2015 10:50:13 +0000 http://www.insurancejournal.com/?p=364192 A new report on water insecurity says floods and drought amid climate change and a lack of investment in reliable water supplies is weighing on the global economy by tens of billions of dollars a year. “Water is productive and …

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China Faces Severe Threats From Climate Change: Beijing-Based Meteorologist http://www.insurancejournal.com/news/international/2015/03/25/362028.htm Wed, 25 Mar 2015 10:06:57 +0000 http://www.insurancejournal.com/?p=362028 Chinese officials don’t usually go into detail on the challenges that climate change poses for the world’s most populous and largest carbon-emitting country. But in a speech on March 23, a top meteorologist warned of the severe risks facing China, …

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Indonesia, Malaysia, Thailand, Sri Lanka Hit by Heavy Rains, Floods: AIR http://www.insurancejournal.com/news/international/2014/12/30/351311.htm Tue, 30 Dec 2014 10:28:40 +0000 http://www.insurancejournal.com/?p=351311 According to catastrophe modeling firm AIR Worldwide, the rains of the past week across Southeast Asia have been much higher than average, even for a period during which Southeast Asian countries normally experience heavy monsoon rains. AIR noted that “severe …

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Malaysian Floods Force Evacuation of 200,000 People; at Least 10 Dead http://www.insurancejournal.com/news/international/2014/12/29/351230.htm Mon, 29 Dec 2014 11:00:22 +0000 http://www.insurancejournal.com/?p=351230 Malaysia evacuated more than 200,000 people and increased relief efforts as the worst floods in decades left at least 10 people dead. Parts of Thailand and Sri Lanka have also been inundated. The affected states are Kelantan, Kedah, Terengganu, Pahang, …

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U.K.’s Inland Flood-Risk Plan for Thames River Moves Forward http://www.insurancejournal.com/news/international/2014/12/11/349744.htm Thu, 11 Dec 2014 10:56:25 +0000 http://www.insurancejournal.com/?p=349744 The UK’s largest inland flood risk scheme has moved forward with the award of a major appraisal study to GBV, a joint venture comprising Galliford Try and Black & Veatch. Flood risk for more than 15,000 properties, including all communities …

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Update: Tropical Storm Hagupit Hits Central Philippines; 21 People Killed http://www.insurancejournal.com/news/international/2014/12/08/349139.htm Mon, 08 Dec 2014 10:18:27 +0000 http://www.insurancejournal.com/?p=349139 More than 21 people were killed as heavy rain and winds lashed the central Philippines, while a weakened storm Hagupit headed toward Manila. The government shut state offices and trading of stocks, bonds and currencies was suspended. Troops were deployed in Manila …

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UN’s Weather Agency Warns 2014 May Be Warmest on Record http://www.insurancejournal.com/news/international/2014/12/03/348825.htm Wed, 03 Dec 2014 16:02:33 +0000 http://www.insurancejournal.com/?p=348825 Record high ocean temperatures will make 2014 the hottest year on record, or at least among the very warmest, in evidence of a long-term trend of global warming, the U.N.’s weather agency said on Wednesday. Including this year, 14 of …

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Heavy Rain, Potential Flooding Could Come From California Storm http://www.insurancejournal.com/news/west/2014/12/02/348697.htm Tue, 02 Dec 2014 17:48:22 +0000 http://www.insurancejournal.com/?p=348697 A Pacific storm will dump heavy rains across drought-stricken Southern and Central California, threatening the area with mudslides and floods. The storm will also leave snow across the Sierra Nevada mountains that may provide a start toward recharging the region’s …

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New Study Says Ditch U.N. Temperature Target for Global Warming http://www.insurancejournal.com/news/international/2014/10/02/342380.htm Thu, 02 Oct 2014 10:04:16 +0000 http://www.insurancejournal.com/?p=342380 A temperature goal set by almost 200 governments as the limit for global warming is a poor guide to the planet’s health and should be ditched, a study published in the journal Nature said on Wednesday. The world’s environment ministers …

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Post-Floods, Detroit Residents Shop for Appliances, Supplies http://www.insurancejournal.com/news/midwest/2014/08/26/338602.htm Tue, 26 Aug 2014 16:23:47 +0000 http://www.insurancejournal.com/?p=338602 Detroit-area residents are shopping for appliances and home-repair supplies in droves after recent flooding damaged houses and the property inside. The Detroit News reports thousands of shoppers visited big-box appliance stores and local retailers over the weekend to purchase everything …

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UN Climate Report Seeks ‘Clear-Cut’ Economics to Guide Actions http://www.insurancejournal.com/news/international/2014/04/11/326077.htm Fri, 11 Apr 2014 10:14:02 +0000 http://www.insurancejournal.com/?p=326077 A U.N. report about ways to fix global warming due on Sunday is likely to disappoint investors seeking clear-cut economic calculations about the benefits and costs of curbing rising greenhouse gas emissions. Authors say the report stops short of an …

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Colorado Governor Directs Flood-Repair Funds, Crisis Counseling http://www.insurancejournal.com/news/west/2014/04/10/326032.htm Thu, 10 Apr 2014 23:21:42 +0000 http://www.insurancejournal.com/?p=326032 Gov. John Hickenlooper says $13 million from a state lottery fund will be used to help restore parks, trails and open spaces damaged by last year’s floods. Hickenlooper and officials of lottery-supported Great Outdoors Colorado traveled on Wednesday to Lyons, …

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Nearly $200M More For Colorado Flood Recovery http://www.insurancejournal.com/news/west/2014/03/17/323520.htm Mon, 17 Mar 2014 16:34:55 +0000 http://www.insurancejournal.com/?p=323520 Colorado is getting an additional $199 million from the federal government to help communities devastated by September’s historic floods, U.S. Housing and Urban Development Secretary Shaun Donovan announced Friday. The funds from HUD will help with housing and infrastructure repairs …

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Colorado Lawmakers Reviewing Flood Response http://www.insurancejournal.com/news/west/2013/11/07/310614.htm Thu, 07 Nov 2013 16:15:19 +0000 http://www.insurancejournal.com/?p=310614 Colorado lawmakers are studying responses to September’s catastrophic floods. A special state legislative panel held its first meeting Tuesday. Members are looking at whether there’s a need for legislation to better react to such a disaster in the future. They …

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In Flood-Struck Colorado, Concerns About Fracking Spills http://www.insurancejournal.com/news/west/2013/09/19/305701.htm Thu, 19 Sep 2013 15:58:31 +0000 http://www.insurancejournal.com/?p=305701 Contaminated water spilling from flooded oil and gas drilling sites in Colorado is refocusing attention on the environmental risks surrounding America’s fracking boom. Floods that have devastated north-central Colorado, killing eight people and displacing thousands, have also dislodged storage tanks …

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Illinois Governor Announces $190 Million In Flood Help http://www.insurancejournal.com/news/midwest/2013/08/02/300582.htm Fri, 02 Aug 2013 16:38:08 +0000 http://www.insurancejournal.com/?p=300582 Gov. Pat Quinn says $190 million in federal grants and loans will be awarded to help Illinois residents and businesses in 35 counties recover from April floods. Federal aid to the designated disaster areas includes $143 million in grants to …

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President Signs Disaster Declaration For Montana Floods http://www.insurancejournal.com/news/west/2013/07/12/298310.htm Fri, 12 Jul 2013 15:08:31 +0000 http://www.insurancejournal.com/?p=298310 President Barack Obama has signed a disaster declaration making federal money available to help the state, local and tribal governments repair or replace facilities damaged by flooding in north-central and northeastern Montana this spring. The declaration, signed Wednesday, makes federal …

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New El Nino Warnings Could Help Farmers Withstand Drought, Floods http://www.insurancejournal.com/news/international/2013/07/02/297361.htm Tue, 02 Jul 2013 12:20:57 +0000 http://www.insurancejournal.com/?p=297361 Scientists have found a way to forecast El Nino weather events in the Pacific a year in advance, long enough to let farmers plant crops less vulnerable to global shifts in rainfall, a study showed on Monday. While far from …

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President Declares Disaster For Spring Flooding in Alaska http://www.insurancejournal.com/news/west/2013/06/27/297006.htm Thu, 27 Jun 2013 16:10:41 +0000 http://www.insurancejournal.com/?p=297006 President Barack Obama has declared a federal disaster for spring flooding in parts of Alaska. Gov. Sean Parnell earlier this month requested the federal designation for the Alaska Gateway, Yukon Flats, Yukon Koyukuk, Lower Yukon and Copper River regional educational …

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Marsh Enhances Access to National Flood Insurance Program http://www.insurancejournal.com/news/national/2013/02/11/280850.htm Mon, 11 Feb 2013 17:32:11 +0000 http://www.insurancejournal.com/?p=280850 Marsh has enhanced its Flood Service Center (FSC) facility, which is dedicated to providing clients flood coverage and includes options through the National Flood Insurance Program (NFIP). In collaboration with Homesite Insurance in a fronting capacity and Torrent Technologies, an …

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Feds Pledge $1 Million To Utah For Flood Damage http://www.insurancejournal.com/news/west/2012/12/26/275141.htm Wed, 26 Dec 2012 17:22:46 +0000 http://www.insurancejournal.com/?p=275141 The federal government is offering more than $1 million to help cover damage caused by flooding earlier this year in Southern Utah. Officials estimate that floodwaters from a broken dike caused damages of at least $2.8 million in Santa Clara, …

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Climate is ‘Changing before our Eyes’ Says World Meteorological Organization http://www.insurancejournal.com/news/international/2012/11/29/272147.htm Thu, 29 Nov 2012 11:13:54 +0000 http://www.insurancejournal.com/?p=272147 The fact that Arctic sea ice has melted this year to its lowest recorded level shows, along with other weather extremes, that “climate change is taking place before our eyes,” the World Meteorological Organization (WMO) said on Wednesday. The first …

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