Despite concerns from rating agencies, industry experts assure that Florida’s home insurance market has enough reinsurance and financial resilience to withstand additional hurricanes this season.

Property insurance claims from Hurricane Milton have reached 123,000, triggering concerns over reinsurance price hikes and higher property insurance rates in Florida, where losses are estimated at $1.5 billion so far.

AI, cloud computing, and data-driven platforms offer insurers an agile way to modernize claims processes, enabling incremental improvements while enhancing customer experience and reducing costs.

ICEYE’s initial data suggests that Hurricane Milton has caused damage to as many as, or more than, 150,000 buildings in Florida, a count that rivals Hurricane Helene’s impact. Early loss estimates range from $15 billion to $40 billion.

Hurricane Milton’s devastation in Florida is forecasted to trigger up to $60 billion in insured losses, with reinsurance rates expected to rise as the global insurance industry absorbs the impact.

With the insurance industry facing a major talent gap, AI and generative AI can enhance underwriting efficiency by mimicking the expertise of top professionals, leading to better policies and profitability.

Mediterranean countries, including Spain and Italy, are grappling with persistent droughts that are straining water resources, disrupting agriculture, and posing long-term economic risks due to climate change.

Technology, media, and telecom companies face both opportunities and challenges as they navigate innovations in AI, 5G, and cybersecurity, while grappling with regulatory and geopolitical risks, a WTW survey finds.

A recent study highlights how removing federal subsidies from climate-vulnerable areas can reduce development, increase flood resilience, and generate savings, while emphasizing the challenges of balancing housing demand with disaster risk.

A powerful tornado, part of Hurricane Milton’s aftermath, caused significant damage in Palm Beach Gardens, Florida, including launching an industrial dumpster onto a home’s roof.

A 2024 federal appeals court ruling clarifies that employers can be held liable for harassment originating from personal social media posts that affect the workplace, emphasizing the need for clear guidelines.

Generative AI has the potential to revolutionize the insurance industry by streamlining operations, enhancing customer service, and improving risk management. However, insurers must address ethical, regulatory, and data challenges to fully unlock its benefits.

After Hurricane Milton weakened before landfall, investors in catastrophe bonds are facing losses well below earlier estimates, with single-digit hits predicted instead of the feared 15%.

Hurricane Milton brought intense winds, widespread destruction, and left millions without power in Florida. While storm surge impacts were less severe than anticipated, damage to homes, power lines, and infrastructure is widespread.

Moody’s reports that Hurricane Milton, which struck Florida as a Category 3 storm, will likely impact both primary insurers and reinsurers, with ceded losses increasing as total damages rise.