hailstorms News

Insured Losses From Calgary Hailstorm Reach C$3.25B as 2nd Costliest Canada Disaster

The tally for Calgary’s record-breaking hailstorm last August continues to rise, with total insured losses now estimated to be C$3.25 billion (US$2.2 billion), according to the Insurance Bureau of Canada, quoting statistics issued by Catastrophe Indices and Quantification Inc. (CatIQ). …

Renewable Energy Offers a Cost and Opportunity to Insurance Sector

Policyholders in the renewable energy insurance market are paying between 20%-40% more for cover today than a year ago as insurers seek to recover the cost of “devastating claims” in regions hit by natural catastrophes, industry sources say. Unpredictable weather …

Extreme Canada Weather Causes Record $5.7 Billion Insured Damage

An onslaught of four natural disasters caused C$7.1 billion ($5.3 billion) of insured losses across Canada in just two months — more than any other summer on record. In July and August, a ballistic hailstorm tore through cars and buildings …

Canada’s 10 Worst Natural Disasters Totaled C$30 Billion in Annual Insured Losses

Insured losses have surged in the past decade as climate change in Canada sparks wildfires, intense hailstorms and thunderstorms with severe flooding in major cities. Insured losses from natural disasters averaged C$2.2 billion ($1.63 billion) a year over the last …

Canada’s Insurance Sector Faces Deluge of Climate-Related Catastrophe Claims

Hotter summers in Canada that have sparked wildfires in tourist areas, intense hailstorms and thunderstorms with severe flooding in major cities, all likely linked to climate change, are leading to personnel shortages and potentially claims adjustment delays, according to insurance …

Global Insured Natural Disaster Claims Again Dominated by Severe US Storms: Gallagher

Global insured losses from natural catastrophes in the first quarter were estimated at $20 billion, with US claims accounting for more than $15 billion, or 75%, of the Q1 total, according to a Gallagher Re in a report. Despite a …

The New Norm? Global Insured Losses for Nat Cats Keep Breaking Records: Swiss Re

Global insured losses from natural catastrophes in 2023 totaled $108 billion, exceeding US$100 billion for the fourth consecutive year – an indication of the new norm for nat cat losses, according to Swiss Re. Other record-breaking numbers for 2023 included …

Hailstorm Claims Risk Undermining Solar Energy, Insurer Says

Solar farms around the world are under threat due to costly hailstorm-related claims, according to renewable energy underwriter GCube Insurance. Hail was the costliest category for insurance claims by the renewables industry in the last five years, averaging around $58.4 …

The Hanover Insurance Group Estimates Q2 Catastrophe Losses of $262 Million

The Hanover Insurance Group Inc. announced a preliminary estimate for second quarter catastrophe losses of approximately $262 million, before taxes, or 18.5 points of net earned premium. Second quarter catastrophe losses stemmed from 19 convective storms across multiple states, with …

Hurricane Ian Drives Global Insured Losses of $115B From Natural Disasters: Swiss Re

Hurricane Ian and other natural catastrophes, such as European winter storms, floods in Australia and hailstorms in France and the U.S., have cost global insurers an estimated $115 billion so far this year, according to a report published by Swiss …