Floods News

Nigeria’s Worst Flood in Decade Caused Billions in Economic Damage

Nigerian floods last year that claimed hundreds of lives also caused up to $9 billion in damage, according to a report from the National Bureau of Statistics. The assessment, conducted in collaboration with the World Bank, placed the cost of …

Insured Losses From Severe Convective Storms in US Top $50B for 1st Time: Aon

Insured losses from severe convective storms in the United States continued to increase during the third quarter, surpassing the $50 billion mark for the first time on record and accounting for roughly 60% of all global insured losses, according to …

Record Heat Unleashes Deadly Floods – From US to Libya

Extreme heat is usually associated with drought and wildfires. But across five continents this year, it’s also unleashed a different kind of disaster: deadly flooding. Cities around the world have seen record rainfall 139 times in 2023. A rare hurricane-like …

US Home Insurance ‘Bubble’ Closer to Popping as Climate Risks Mount: Report

Home insurance costs that have soared in much of the US may get even higher. Tens of millions of properties around the country are insured at prices that haven’t caught up with the danger of hurricanes, wildfires and floods, according …

Hong Kong’s Floods to Hit Insurers’ Earnings, Could Pressure Reinsurance Renewals

The recent devastating floods following Super Typhoon Saola in Hong Kong and other parts of China may add further pressure to the upcoming reinsurance renewals in January, according to an AM Best commentary. The overall impact of the rainstorm is …

Hong Kong Sees Heaviest Rainfall on Record; Insurance Claims Could Exceed $100M

Hong Kong’s heaviest rainstorm since records began in 1884 flooded the financial hub’s streets and sent torrents of water rushing through subway stations, bringing much of the city to a standstill and forcing the stock market to scrap trading on …

Slovenia Estimates €7 Billion Price Tag for Reconstruction After Floods

Rebuilding from this month’s floods in Slovenia will cost €7 billion ($7.6 billion) over the next five years, Prime Minister Robert Golob said. The government is preparing new legislation to serve as a road map for reconstruction after the worst …

India Braces for More Rain After Floods, Lightning Kill 2,000

Some regions of India are bracing for more torrential rain, raising the risk of further causalities after natural calamities such as floods and lightning killed 2,000 people during the current monsoon season. Rains have affected about 500,000 hectares (1.24 million …

What Are China’s ‘Sponge Cities’ and Why Aren’t They Stopping Urban Floods?

China has been hit by devastating floods in recent weeks, inundating cities and causing deaths and infrastructural damage, as well as raising questions about the effectiveness of its 2015 “sponge city” initiative aimed at reducing urban flood risks. The initiative …

Norwegian River Dam Partly Collapses After Floods

A dam on a Norwegian river partly collapsed after heavy rain on Wednesday, sending water gushing through a wide gap in the structure, and the prime minister said the country should be prepared for more floods in the coming days. …