hurricane losses News

KBRA Says Florida Insurers Will Weather the Storms; Cat Fund Can Handle Payouts

Florida’s Hurricane Catastrophe Fund, a state-created layer of reinsurance, expects to pay out about $4.6 billion to help cover insurers’ losses in Hurricanes Helene and Milton. But that won’t trigger a surcharge on premiums. And a number of Florida property …

Hurricane Beryl Caused $2.5-$4.5B in Estimated Insured Losses, Says Moody’s

U.S. insured losses from Hurricane Beryl will likely fall between $2.5 billion to $4.5 billion, according to estimates by Moody’s RMS Event Response. Insured losses associated with the storm include wind, storm surge, and precipitation-induced flooding. Moody’s estimates total non-U.S. …

Hurricane Beryl: Insurers See Minimal Impact, Brace for Active Season

Insurers’ losses from Hurricane Beryl will be “low and readily absorbed” and the storm is not expected to change pricing conditions in the property/casualty and reinsurance sectors, Moody’s Ratings said. Beryl made landfall along the Texas coast as a category …

Are Billions in Wind Mitigation the Answer for Florida’s Insurance Problems?

While Florida’s property insurance landscape appears to be leveling out, much more funding is needed to fortify homes against hurricane winds and prevent devastating losses for insureds and insurers, a few panelists said at the Florida Chamber’s Insurance Summit last …

Florida Lawmakers Approve Expanded Wind-Mitigation Program

More rich and more poor residents will qualify for home-hardening grants under an expanded My Safe Florida Home measure approved by lawmakers. House Bill 881, if signed into law, will raise the wind-mitigation grant level for low-income Florida homeowners from …

All The Latest Insurance Company Estimates: Hurricane Ian Losses

Just a few days into earnings season for the third quarter, a number of carriers have published loss estimates for insurance claims from Hurricane Ian, or prewarned investors about loss figures that will dent their bottom lines. A recap of …

How Climate Change May Affect Hurricane Risk and Losses: AIR, Brookings, AXIS

By 2050, climate change-related weather events will have a meaningful impact on future hurricane losses, increasing them by 20% or more and in some cases doubling them, even without any increase in the concentration of property exposure along the coast, …

RMS Estimates Insured Losses from Hurricane Isaias at $3-$5 Billion

Estimated total insured losses from Hurricane Isaias will be between $3.0 and $4.5 billion in the U.S. This includes estimated losses to the National Flood Insurance Program (NFIP) of between $400 and $700 million, according to RMS, the catastrophe risk …

East Coast’s Insured Loss From Tropical Storm Fay to Tally Near $400 Million: KCC

The insured loss from Tropical Storm Fay will be close to $400 million, according to catastrophe risk modeling firm Karen Clark & Company (KCC). KCC said its estimate includes the privately insured wind and storm surge damage to residential, commercial …

Insurers Continue to Cover Beach Resorts Despite Spate of Caribbean Hurricanes

Frenchman’s Reef, the largest resort on St. Thomas, was smashed by Hurricane Irma, which breached roofs, caved in walls and felled trees across the oceanfront property. Two years later, the hotel remains closed as its owner quarrels with insurers over …