losses News

Insurance Council: No Hurricanes, but Bad Weather Plagued Texas

As 2014 hurricane season ends the people of Texas can count themselves lucky to have dodged hurricanes for the past six years, which has been particularly good news for coastal residents. Despite the lack of hurricanes, Texas weather-related losses continue …

RMS: ‘Big One’ in Northern California Could Cause $200B in Losses

Earthquake risk in the San Francisco Bay Area is on the rise while earthquake insurance penetration statewide has dropped significantly since the Loma Prieta earthquake that rocked the Bay Area 25 years ago, causing nearly $6 billion in economic losses, …

Quake’s Main Force Directed At Napa Scientists Say

Emerging data on last month’s 6.0 magnitude earthquake shows it directed most of its force north toward Napa and the Napa Valley, hitting hard enough to move one side of the West Napa Fault north by 18 inches (46 centimeters), …

Insured Losses From the Napa Quake Pegged at $250M or Less

Insured losses from the Aug. 24 earthquake that struck Napa, Calif. will not exceed $250 million, according to a risk management firm. Widespread damage was expected from the 6.0 magnitude event, but there wasn’t much business interruption as most area …

Fitch: Hawaii Storms Shouldn’t Hurt Cat Bonds

Insured losses stemming from two Hawaii hurricanes won’t break the bank, in large part because both storms diminished in intensity or avoided a direct hit. Fitch Ratings concluded in a review of the situation that outstanding catastrophe bonds including the …

Report: $100M in Losses from Southern California Quake

The moderate earthquake that struck Southern California in spring did more damage than people may think – and a bigger quake on that fault could be more devastating than a “big one” on the region’s infamous San Andreas Fault, a …

United Fire Group Sees Up to $23M Loss for Second Quarter Spring Storms

United Fire Group Inc., based in Cedar Rapids, Iowa, announced that it expects its second quarter results to include pre-tax catastrophe losses, net of reinsurance, of approximately $20 million to $23 million from spring storms. “Over the last 10 years, …

California Targeted by Cyber-gangs: Report

International criminal enterprises follow the money, and a report  says they are increasingly focusing on California because of its wealth and innovation. Aside from long-time trafficking in drugs, guns and people, the report by California Attorney General Kamala Harris says …

Insurer Sues Over 2011 Hawaii Wind Farm Fire Losses

The insurance company that paid $2.4 million to cover losses from a wind farm fire in Hawaii is suing manufacturers that built parts of its battery system. The Honolulu Star-Advertiser reported Certain Underwriters at Lloyd’s London paid to cover losses …

Insurance Not Likely To Cover Damage in Montana Fire

Insurance policies belonging to the man who started the 2012 Corral fire in Montana likely won’t be enough to cover the damage to surrounding properties. Attorneys told the Independent Record that Robert Fitte has about $1.3 million in coverage to …