hurricane News

Record Western Wildfires a Contrast in Otherwise Quiet Year for U.S. Natural Disasters

It was a relatively quiet year for natural disasters – except for those living in the Western U.S. Property data provider CoreLogic today released its annual Natural Hazard Risk Summary and Analysis. The report shows “a continued trend of fewer …

More than $1B in Fed Disaster Funds for Texas Unspent Since Dolly, Ike

More than a third of the $3 billion in federal disaster recovery funds available for Texas after 2008 hurricanes Ike and Dolly remains unspent, as legislators prepare for hearings on how to speed up the process. Several state reports and …

Mexico Catastrophe Bond Likely to Pay on Hurricane Patricia’s Losses: S&P

Bonds sold by Mexico to shield it from the cost of repairing hurricane damage are closer to paying out after the biggest storm ever measured in the Americas struck the country last month, Standard & Poor’s said. S&P cut its …

Celebrities’ Mexican Holiday Homes Pummeled by Hurricane Patricia

Mexico may have dodged a bullet from the fury of Hurricane Patricia, but jet setters like Bill Gates, Gwyneth Paltrow and Cindy Crawford will have to find a new playground for now after the storm ravaged some of the world’s …

Mexico’s Hurricane Patricia May Hit Catastrophe Bondholders

Mexico’s natural disaster fund may be $100 million better off at bondholders’ expense after Hurricane Patricia appeared to trigger a catastrophe bond the country sold in 2012. Investors in those notes maturing Dec. 4. are waiting for a verdict on whether …

Hurricane Patricia Targets Mexico; 400K People, Ports, Insurers at Risk

Hurricane Patricia, the strongest in the history of the Americas, prepared to barrel into Mexico’s Pacific coast Friday, sending guests fleeing hotels in the Puerto Vallarta resort area. About 400,000 people are considered “vulnerable,” civil protection official Jose Maria Tapia …

NHC Tracking Hurricane Patricia, as It Nears Mexican Coast

The National Hurricane Center in Miami is tracking Hurricane Patricia, a storm in the eastern Pacific that is moving towards the west coast of Mexico. According to the NHC’s latest bulletin, Patricia is about 255 miles – 410 kms south …

Storm Watch Ends For Hawaii Islands, But Hurricane Churns

Greg Colden, a farmer on Hawaii’s Big Island, said he is most worried about the damage that more rain and sustained winds could do to the area as Hurricane Ignacio passes by this week. “I’m more worried about the rain. …

UK Insurers to Stress Test Capital Reserves Against Synchronized Terrorist Attack

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 …

Price Declines Slow on June U.S. Reinsurance Renewals: Guy Carpenter

After two years of price decreases averaging 15 percent on U.S. property catastrophe placements, risk-adjusted pricing moderated at the most recent June renewals. Reinsurance broker Guy Carpenter & Co. reported that the price declines are averaging in the high single …