Floods News

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 …

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 …

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. …

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 …