windstorm News

Texas Lawmaker Scolds Insurance Industry over Coastal Coverage

A state senator in Texas is taking the insurance industry to task for what he perceives as its disinterest in coming up with new approaches to solving coastal windstorm insurance issues. In a Senate committee meeting on March 12, Sen. …

FEMA OKs Storm Recovery Aid for 16 W.Va. Counties

Federal disaster assistance is available for residents and business owners in 16 West Virginia counties hit by a June windstorm. The Federal Emergency Management Agency says the individual assistance can be used to pay for home repairs, rental assistance, disaster-related …

Texas Wind Pool: $800M Available for Claims Should Storm Hit Coast

Going into the peak time of the year for hurricane development, Texas’ property insurance company of last resort in coastal areas has around $800 million in available cash to immediately handle claims in the event a storm hits the state’s …

PERILS Updates Windstorm Andrea Loss Estimate to $422 Million

Swiss-based consulting firm PERILS has issued its third loss report for windstorm Andrea, which affected the UK and Western Europe in January 2012. The updated property market loss estimate for Andrea is €337 million [$422 million], compared to the second …

Texas Insurance Commissioner: Problems with Wind Insurer not New

Texas’ top insurance regulator says the precarious financial position of the state’s insurer of last resort for properties in coastal areas is nothing new. Responding to a letter sent to her by State Rep. John Smithee, chairman of the House …

PERILS Updates Loss Estimates from Windstorm Joachim

Swiss based insurance advisor PERILS has issued an updated loss report for windstorm Joachim, which occurred from December 15 to 17, 2011 in Western Europe. PERILS’ third property market loss announcement estimates for Joachim is €285 million [$359 million], slightly …

Rate Hike Proposal Sent to Board of Texas Windstorm Insurer

In advance of the start of hurricane season, the actuarial underwriting committee of Texas’ property insurer of last resort for coastal counties is recommending a rate increase. The committee on April 20 voted for a proposal that the board of …

South Texas Residents Drying Out after Storm

Residents living north of Corpus Christi in the Portland/Gregory communities are in the process of drying out following a 15-inch rainfall on April 16. Gregory, with a population of 2,500, reported 80 percent of its homes flooded from the storm. …

PERILS Estimates Windstorm Andrea Property Losses at $407 Million

PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data, has updated its loss report for windstorm Andrea, which struck Western Europe in early January. PERILS’ second property market loss estimate for Andrea is €309 million [$407 million], …

PERILS Lowers Loss Estimates from Windstorm Joachim to $377 Million

PERILS, Europe’s catastrophe data provider, has updated its loss report for windstorm Joachim, which occurred from December 15 to 17, 2011 in Western Europe. The second published loss estimate for Joachim is €289 million [$377 million] Thie figure is down …