Latest Catastrophe Headlines
All the headlines from our Catastrophe Topic Page, ordered by recency.
Chubb: Hurricanes Harvey, Irma Losses to Top $1 Billion
Sep 28 2017 // Chubb Ltd. has estimated it will see more than $1 billion in third-quarter losses stemming from hurricanes Harvey and Irma, a substantial hit for the insurer and reinsurer. The loss estimate is preliminary. Further details...
Lloyd’s Expects $4.5 Billion Hit from Hurricanes Harvey, Irma
Sep 28 2017 // Lloyd’s of London expects net losses of $4.5 billion from hurricanes Harvey and Irma, which analysts said would eat into the insurer’s capital and hit its profitability. Although losses from natural...
Despite Rise in Catastrophe Losses, Home Insurance Loss Costs Declined in Recent Years
Sep 28 2017 // In 2016, Colorado and Texas homeowners suffered the greatest percentage of catastrophic losses due to extreme weather and other perils, according to a study of home insurance trends. The six-year LexisNexis Risk Solutions...
Update: Lloyd’s of London Reports 16% Drop in H1 2017 Profit to $1.6B
Sep 28 2017 // Lloyd’s of London expects net losses of $4.5 billion from hurricanes Harvey and Irma, which analysts said would eat into the insurer’s capital and hit its profitability. Although losses from natural...
Global Reinsurers to Bear ‘Significant Share’ of Hurricane Maria Claims: A.M. Best
Sep 28 2017 // Ratings agency A.M. Best said it expects a significant share of the loss from Hurricane Maria to pass on to the global reinsurers evenly. The agency said it expects the loss would remain within the overall risk tolerance...
Citizens Estimates $1.23B In Insured Losses from Hurricane Irma
Sep 28 2017 // Hurricane Irma will generate up to 70,000 claims and approximately $1.23 billion of insured losses to Citizens Property Insurance Corporation over the next 18 to 24 months, according to initial estimates presented to...
Texas Regulators Seek Data on Insurers’ Hurricane Harvey Claims
Sep 27 2017 // The Texas Department of Insurance has issued a mandatory data call to both admitted and surplus lines insurance carriers seeking information about Hurricane Harvey-related claims in 62 counties impacted by the storm. The...
Japan Court Rules Tepco, not Government, Must Pay $3.4M to Ex-Fukushima Residents
Sep 27 2017 // A Japanese court ruled Friday [Sept. 22] that a utility, not the government, should pay compensation to dozens of former residents of Fukushima for losses to their livelihood caused by reactor meltdowns at a nuclear plant...
Mexico Calculates Economic Cost of Quake; Insurance Covers Small Part of Losses
Sep 27 2017 // Mexican government officials are still tallying up the economic losses of the magnitude 7.1 earthquake that caused widespread damage in the capital, but for the manager of a downtown restaurant it is already all too...
Mounting Catastrophe Claims Could Weaken Re/Insurers’ Capital Reserves: Fitch
Sep 27 2017 // Ratings downgrades for global insurers and reinsurers are becoming more probable as they face more than $100 billion in 2017 catastrophe losses, a figure that threatens to weaken their capital reserves, Fitch Ratings Inc....
Evacuations Ordered on North Carolina Outer Banks for Hurricane Maria
Sep 26 2017 // An evacuation was underway Tuesday on an island on North Carolina’s Outer Banks as Hurricane Maria moved north. The Hyde County Sheriff’s office said the evacuation began at 5 a.m. Monday on Ocracoke Island. It...
UK SMEs Face BI Coverage Gaps After Terrorist Events: Pool Re Report
Sep 26 2017 // Many terrorism insurance policies are triggered when there is physical damage to a property. As a result, commercial insurance buyers may find that they are unprotected against business interruption losses if there is...
Damage From Rare Utah Tornado Still Being Felt a Year Later
Sep 26 2017 // Damage from a rare tornado that ripped through a Utah county a year ago still lingers in the homes and minds of people who live in its path. The twister gutted 12 homes and damaged dozens more in Weber County, causing a...
Insured Losses in Caribbean from Hurricane Maria Estimated at $40B-$85B: AIR
Sep 26 2017 // Industry insured losses for Hurricane Maria in the Caribbean will be between US$40 billion and US$85 billion, according to catastrophe modeling firm AIR Worldwide. Puerto Rico alone accounts for more than 85 percent of the...
2 Wildfires In Northern California Destroy or Damage Multiple Homes
Sep 25 2017 // Authorities say multiple homes and other structures have been destroyed or damaged in two wildfires that broke out over the weekend in Northern California. Fire officials in Auburn northeast of Sacramento said flames that...
Storm Watch Issued for North Carolina as Puerto Rico, Markets Weigh Maria’s Economic Costs
Sep 24 2017 // Storm watches have been issued for North Carolina as the U.S. is threatened by a hurricane for the fourth time in a month. Tropical storm watches, meaning winds of at least 39 miles (63 kilometers) per hour could reach the...
How Home Values Track with High, Low Risk of Natural Hazards: ATTOM Data
Sep 22 2017 // Americans are still buying homes in areas with high risk of natural hazards and the homes in those cities continue to appreciate in value far faster than homes in low natural hazard locales. However, the effect on home...
New Bridge Design Tested by Nevada Quake Lab Following Mexico Quake
Sep 22 2017 // Scientists at a Nevada earthquake lab this week tested new bridge designs with connectors they say are innovative and created to better withstand violent temblors and speed reconstruction efforts after major quake...
Natural Disasters Begin to Hit Profits of Global Reinsurers
Sep 22 2017 // A profit warning from one of the world’s largest reinsurers is the latest sign that the death and destruction from a spate of hurricanes and earthquakes in North America are now taking a toll on the titans of global...
Power Restored For All But 75K Florida Residents, But Utilities Face Criticism
Sep 22 2017 // After a massive restoration effort, most of Florida has power 10 days after Hurricane Irma knocked out electricity to nearly two-thirds of the state, mostly because of improvements made to the power grid since Hurricane...
