2018 hurricane season News

RenaissanceRe Estimates Q3 Claims Costs of $155M from Natural Catastrophes

RenaissanceRe Holdings Ltd. announced it currently estimates that the cost of claims from third quarter 2018 catastrophe events will have an estimated net negative impact of approximately $155 million on its third quarter 2018 results. The estimated losses for these …

Swiss Re to Post ‘Large’ Q3 Losses from Italy Bridge Collapse, Natural Disasters

Swiss Re AG said it will post relatively “large” losses from claims in the third quarter, as man-made disasters including the collapse of a bridge in Italy add to damage from storms. Natural disaster claims, mainly from Japan and North …

Regulators, Industry Seek to Keep Florida AOB Abuse In Check After Michael

In an effort to keep the Florida assignment of benefits (AOB) crisis from further worsening in the state, Florida’s insurance industry, regulators and consumer advocates are on high alert for AOB activity in the wake of Hurricane Michael and working …

Update: Cyclone Luban Hits Yemen, Injuring Dozens, Destroying Property

A tropical storm has battered eastern Yemen, with three days of heavy rainfall and flooding injuring dozens of people, destroying property and killing livestock, Yemeni officials and the United Nations said Tuesday. They said that around 70 percent of the …

4 Alabama Counties to Receive Federal Disaster Funds for Michael Damage

President Donald Trump has approved federal disaster aid relief for four Alabama counties affected by Hurricane Michael. The emergency disaster declaration covers Dale, Geneva, Henry and Houston counties, which are near the Florida panhandle where the hurricane made landfall Oct. …

Florida Orders Insurers to Halt Rate Hikes; Sets Up Hurricane Michael Claims Village

Florida’s insurance regulator has issued an emergency order that ensures “additional protections” to Florida policyholders – including freezing any rate hikes for 90 days – to support recovery efforts in areas impacted by Hurricane Michael. The order by Florida Insurance …

Hurricane Leslie Hits Coast of Portugal, Injuring 27

A weakened Hurricane Leslie slammed into the coast of Portugal, leaving 27 people injured as it uprooted trees, brought down power lines and smashed store windows with gusting winds and heavy rain. Over 60 people were forced to leave their …

Insurers, Reinsurers Can Handle Hurricane Michael Losses: Fitch

The property/casualty re/insurance industry should be able to absorb the losses from Hurricane Michael, on top of losses from Hurricane Florence, as capital remains very strong, according to Fitch Ratings. Hurricane Michael will push 2018 closer to a more normal …

Rescuers Search for Survivors as Death Toll from Hurricane Michael Rises

Using heavy equipment to push aside debris and with helicopters circling overhead, rescuers in the Florida Panhandle searched for trapped residents as officials warned on Friday the death toll from HurricaneMichael was likely to rise. At least 12 people were …

Update: Severe Cyclone Titli Hits Eastern India, Killing 9 People, Displacing 300,000

A severe cyclone damaged homes and blew down trees and power poles in eastern India, where nine people were killed and about 300,000 forced to move to higher ground. Cyclone Titli, or Butterfly, had winds blowing up to 150 kph …