Hurricane Milton’s Impact on Florida Buildings Matches or Exceeds Hurricane Helene’s
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.
October 14, 2024
Catastrophe
Insurance Industry
Property
Technology
Florida
Insurers Brace for $60 Billion in Losses from Hurricane Milton’s Devastation
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.
October 14, 2024
Catastrophe
Property
Risk Management
Florida
AI’s Role in Solving the Underwriting Talent Shortage
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.
October 14, 2024
Insurance Industry
Risk Management
Technology
Underwriting
The Mediterranean Faces Increasing Drought Threats to Agriculture
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.
October 14, 2024
Catastrophe
Risk Management
Innovation Driving the Future of Technology, Media, and Telecom
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.
October 14, 2024
Litigation
Risk Management
Technology
Federal Incentive Cuts in High-Risk Areas Improve Flood Resilience, Study 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.
October 14, 2024
Catastrophe
Insurance Industry
Legislation & Regulation
Risk Management
California
New York
Oklahoma
Tornado Sends Industrial Dumpster Onto Roof in Palm Beach Gardens Neighborhood
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.
October 11, 2024
Catastrophe
Insurance Industry
Property
Risk Management
Florida
Federal Court Ruling Clarifies Employer Liability for Social Media Harassment
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.
October 11, 2024
Legislation & Regulation
Liability
Litigation
Risk Management
How Generative AI Is Transforming the Insurance Industry
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.
October 11, 2024
Fraud
Insurance Industry
Risk Management
Technology
Colorado
Catastrophe Bond Investors Dodge Severe Losses Following Hurricane Milton
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%.
October 11, 2024
Catastrophe
Insurance Industry
Property
Risk Management
Florida
Texas
Hurricane Milton’s Winds Top 120 mph, Damage Roofs and Power Lines in St. Petersburg Area
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.
October 11, 2024
Catastrophe
Legislation & Regulation
Property
Risk Management
Florida
Insured Losses from Hurricane Milton Expected to Hit Both Primary Insurers and Reinsurers
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.
October 11, 2024
Auto
Catastrophe
Property
Florida
Florida’s Property Insurance Market Strengthens After Major Hurricanes
Despite recent hurricane challenges, Florida’s property insurance market is showing resilience, with reforms leading to rate reductions, new insurer entries, and declining reinsurance costs in 2024.
October 11, 2024
Insurance Industry
Legislation & Regulation
Property
Risk Management
Florida
New Emergency Rule Boosts Claims Transparency for Florida Insurance Consumers
Florida’s CFO Jimmy Patronis has introduced an emergency rule to improve the claims adjustment process, requiring adjusters to disclose changes to damage estimates and provide detailed explanations for any modifications, ensuring transparency for insurance policyholders.
October 11, 2024
Catastrophe
Insurance Industry
Legislation & Regulation
Property
Florida
Climate Change Intensifies Hurricane Helene’s Impact on Coastal and Inland Communities
Hurricane Helene, a Category 4 storm, caused catastrophic flooding and destruction from Florida’s coast to the Southern Appalachians. Research shows climate change intensified its rainfall, winds, and flooding risks.
October 11, 2024
Catastrophe
Legislation & Regulation
Property
Risk Management
Florida
Georgia
North Carolina
South Carolina
Tennessee
