losses News

Report Sees Major Food Shortage as Climate Change Danger

Climate change reports and studies abound lately – as you will note from a previous column – but one recent report gives potentially the starkest prediction yet of what impacts climate change could have. The report from Lloyd’s of London, “Food …

SpaceX Cargo Loss is Government’s, but Rocket Costs and Backlog Uncertain

SpaceX’s Falcon 9 rocket en route to the International Space Station erupted in flames on Sunday moments after its launch, delivering a potential business interruption blow to the so-far highly successful private space company. The craft was about 21 miles …

Alaska Wildfires Grow, Prompt Evacuations

Intensifying wildfires in Alaska have led to evacuations in several parts of the state, including a tiny village where residents fled on boats. A firefighter on one blaze also was treated for a bear bite after encountering the animal while …

Another Alaska Wildfire Prompts More Evacuations

Firefighters are battling a second wildfire in Alaska and officials say hundreds of homes have been evacuated and six structures have burned. The fast-moving blaze erupted Monday on the Kenai Peninsula, roughly 100 miles south of a major wildfire that …

Report: Wildfire Risk to Homes in West Tops $237B

In the Western U.S. there are nearly 900,000 homes representing an estimated reconstruction cost of more than $237 billion considered at “very high” or “high” risk from wildfires, a report issued today shows. CoreLogic’s Wildfire Risk analysis is the latest of …

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 …