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Hurricane Wind Speeds Surge 18 MPH in Five Years, Study Reveals

Hurricane Wind Speeds Surge 18 MPH in Five Years, Study Reveals

A recent study attributes an 18 MPH rise in Atlantic hurricane wind speeds since 2019 to climate change, highlighting the impact of elevated sea surface temperatures.
November 20, 2024 Catastrophe Insurance Industry Risk Management

P&C Insurance Embraces Advanced Technology to Tackle Weather and Cyber Risks

P&C Insurance Embraces Advanced Technology to Tackle Weather and Cyber Risks

Property and casualty insurers are adopting AI and aerial imagery to address climate challenges, cybersecurity concerns, and improve underwriting accuracy, according to a Nearmap report.
November 20, 2024 Catastrophe Property Risk Management Technology

Rising Roof Claims Challenge Insurers Amid Severe Weather and Roofing Scams

Rising Roof Claims Challenge Insurers Amid Severe Weather and Roofing Scams

Severe weather, inflation, and roofing scams are driving a surge in roof-related insurance claims, forcing the industry to adjust coverage and policy conditions to manage risks.
November 18, 2024 Catastrophe Fraud Insurance Industry Property Texas

Insurers Turn to AI Models to Tackle Rising Losses from Extreme Weather

Insurers Turn to AI Models to Tackle Rising Losses from Extreme Weather

A ZestyAI survey reveals growing confidence in AI risk models, with insurers emphasizing the importance of innovation in addressing climate-related challenges and profitability.
November 18, 2024 Catastrophe Insurance Industry Risk Management Technology

Navigating Flood Insurance Challenges After Hurricanes Helene and Milton

Navigating Flood Insurance Challenges After Hurricanes Helene and Milton

Hurricanes Helene and Milton highlight significant issues in the U.S. flood insurance market, showcasing the gaps in coverage, private market growth, and lessons from Florida’s response.
November 18, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida

AI Revolutionizes Hurricane Forecasting with Unprecedented Accuracy

AI Revolutionizes Hurricane Forecasting with Unprecedented Accuracy

AI weather models like GraphCast demonstrated remarkable accuracy during this hurricane season, outperforming traditional models in predicting storm tracks but facing challenges with intensity forecasting.
November 15, 2024 Catastrophe Risk Management Technology Louisiana Texas

New Climate Research Reveals Worsening Global Conditions in 2024

New Climate Research Reveals Worsening Global Conditions in 2024

As COP29 unfolds in a year of record-high temperatures, new research reveals accelerating climate effects, from supercharged storms and wildfire deaths to a slowing Atlantic current, raising concerns about a range of tipping points.
November 14, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida North Carolina

Massachusetts Wildfires Spread as Drought and High Winds Intensify Risks

Massachusetts Wildfires Spread as Drought and High Winds Intensify Risks

Ongoing drought and high winds have sparked severe brush fires across Massachusetts, with over 1,500 acres already burned this season. Officials urge caution as red flag warnings remain in place.
November 14, 2024 Catastrophe Legislation & Regulation Property Risk Management Maine Massachusetts New Hampshire

Rising Inland Flood Risk Demands Urgent Attention in U.S.

Rising Inland Flood Risk Demands Urgent Attention in U.S.

The Insurance Information Institute’s latest report highlights the increasing flood risks faced by inland areas due to shifting weather patterns. Hurricanes, tropical storms, and thunderstorms are pushing the boundaries of flood-prone regions, underscoring the need for better insurance coverage, flood resilience, and mitigation strategies to bridge the protection gap in non-coastal communities.
November 14, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida Georgia Kentucky New Jersey New York

Florida Hurricane Damage Claims Reach $4.775 Billion After Hurricanes Helene and Milton

Florida Hurricane Damage Claims Reach $4.775 Billion After Hurricanes Helene and Milton

Insurance claims in Florida from Hurricanes Helene and Milton have reached $4.775 billion, up $169 million from last week’s total. The storms have left extensive residential and commercial property damage, according to the Office of Insurance Regulation.
November 12, 2024 Catastrophe Insurance Industry Legislation & Regulation Property Florida Georgia North Carolina South Carolina Tennessee

Maximizing Flood Preparedness Benefits for Insurers and Policyholders, Swiss Re Institute Study Finds

Maximizing Flood Preparedness Benefits for Insurers and Policyholders, Swiss Re Institute Study Finds

A new Swiss Re Institute study reveals that proactive flood preparedness, from resilient infrastructure to policy measures, could substantially reduce economic losses, protecting both insurers and policyholders. The research highlights cost-effective flood adaptation methods and the potential for public-private partnerships in climate adaptation efforts.
November 11, 2024 Catastrophe Insurance Industry Legislation & Regulation Risk Management

US Faces Mounting Losses from November Storms as Extreme Weather Intensifies

US Faces Mounting Losses from November Storms as Extreme Weather Intensifies

Early November storms, including tornadoes, flooding, and wildfires, caused extensive damage across multiple states, leaving insurers facing substantial losses and highlighting the rising frequency of severe weather events across the US.
November 11, 2024 Catastrophe Insurance Industry Property Risk Management Arkansas California Missouri Oklahoma

Florida Communities’ Resilience Investments Prove Effective Against Hurricane Milton

Florida Communities’ Resilience Investments Prove Effective Against Hurricane Milton

As Hurricane Milton hit Florida, resilience-focused communities like Babcock Ranch and Hunters Point emerged unscathed, showcasing how disaster preparedness measures protect homes and reduce long-term costs, even amid costly initial investments.
November 7, 2024 Catastrophe Legislation & Regulation Property Risk Management Alabama California Florida Louisiana Oklahoma

Spain Sets $11.5 Billion Fund for Flood Relief Amid $20 Billion Loan Exposure

Spain Sets $11.5 Billion Fund for Flood Relief Amid $20 Billion Loan Exposure

Following devastating floods in Valencia, Spain has announced an initial $11.5 billion aid package for affected communities, covering direct aid, credit guarantees, and municipal rebuilding. Officials anticipate further relief measures as cleanup continues.
November 5, 2024 Catastrophe Insurance Industry Legislation & Regulation Property

2024 Hurricanes Leave Nearly 350,000 Cars Flood-Damaged, CARFAX Warns

2024 Hurricanes Leave Nearly 350,000 Cars Flood-Damaged, CARFAX Warns

In 2024, hurricanes have left an estimated 347,000 vehicles with flood damage across the U.S., CARFAX reports. Experts caution that many may be resold, potentially concealing dangerous and costly water damage.
November 5, 2024 Auto Catastrophe Fraud Risk Management Florida
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