Catastrophe News

Lawmakers: Insurance Disputes, Slow Response Hinder Louisiana Storm Recovery

Southwest Louisiana lawmakers on Dec. 16 criticized the insurance industry’s handling of claims from Hurricanes Laura and Delta, describing slow responses, low-balled damage estimates and drones used to assess destruction instead of people. “We’re almost four months ago (since Laura), …

Analysts Say Cat Models Would Encourage Wildfire Mitigation Measures

Predictive modelers told California regulators on Thursday that the state’s antiquated rules for calculating wildfire risk when setting property insurance rates discourage innovative mitigation measures that could ultimately reduce losses. Nancy P. Watkins, a principal and consulting actuary for Milliman, …

Despite Challenges, New Year Will Bring Strong, Stable Industry: Hartwig

Despite a year of unprecedented challenges and uncertainty and a halting global economic recovery, the insurance industry remains strong, stable, sound and secure. Though below pre-COVID forecasts, major indicators point to positive rates of growth and a positive return on …

Tropical Cyclones Moving Slower Over Land: Study

A new study finds that tropical cyclones around the world are moving slightly slower over land and water, dumping more rain as they stall, just as Hurricane Harvey did last year. This isn’t about how powerful a storm’s winds are, …

Losses From Southern California Fire Could Reach $2.5B, Expert Says

Losses from the Thomas Fire in Southern California are expected to fall between $1 billion and $2.5 billion, a catastrophe modeling firm said on Tuesday. The Thomas Fire, which raged across Southern California’s Ventura and Santa Barbara counties throughout most …

Modeler: Insured Losses for California Wildfires Could Reach $10.5B

Loss estimates for the October California wildfire siege could reach up to $10.5 billion, according to catastrophe modeling firm AIR Worldwide. Boston, Mass.-based AIR on Thursday updated its loss estimates for the recent wildfires after analyzing findings from its damage …

Once-Stable P/C Insurance Lines Face Headwinds: Guy Carpenter

While the U.S. property/casualty insurance industry is well capitalized and market sentiment is mostly positive, it still faces economic and market-based headwinds that will challenge its profitable growth going forward. In the 2017 edition of the annual report, Plotting a …

Losses from California Wildfires Could Reach up to $6 Billion, Experts Say

This story has been updated with the latest estimates on fire losses. The wildfires raging in California are shaping up to become an infamous if not historic event. The fires have destroyed 3,500 structures and counting, far exceeding the 2,820 …

Agency E&O in a Disaster: How to Avoid Errors While Helping Insureds

Insurance Journal’s Academy of Insurance announced an exclusive online discussion called “After the Storm: Preventing Agent E&O Claims in a Disaster” to be held on Thursday, Sept. 21, 2017 at 1:30 p.m. Eastern. Insurance Journal’s Academy Director Patrick Wraight will …

P/C Insurers Report $1.5B Net Underwriting Loss in First Half of 2016

Private U.S. property/casualty insurers reported a $1.5 billion net underwriting loss in the first half of 2016— the first year-to-date net underwriting loss in more than three years— and saw their net income after taxes drop to $21.7 billion in …