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California’s Firefighting Crisis Highlights Need for Industry Support

California’s Firefighting Crisis Highlights Need for Industry Support

California faces a severe shortage of wildfire firefighters, as low pay, mental strain, and challenging conditions drive workers away. Could the insurance industry help ease the burden on those protecting at-risk properties?
November 5, 2024 Catastrophe Insurance Industry Legislation & Regulation Risk Management California

Hailstorms Drive Record Insurance Losses as Experts Push for Better Detection and Prediction

Hailstorms Drive Record Insurance Losses as Experts Push for Better Detection and Prediction

Severe hailstorms in the U.S. have led to record insurance losses, with hail damage growing due to rising urbanization, climate change, and frequent severe convective storms. Enhanced monitoring projects promise insights to mitigate future risks.
November 5, 2024 Catastrophe Insurance Industry Risk Management Technology Colorado Texas

NFIP Flood Insurance Claims Surge to 54,000 After Hurricane Helene, FEMA Reports

NFIP Flood Insurance Claims Surge to 54,000 After Hurricane Helene, FEMA Reports

Following Hurricane Helene’s landfall in Florida, over 54,000 NFIP flood insurance claims have been filed, with FEMA reporting $480 million in early claims payments. This storm, among the most significant for NFIP, may see more claims as impacted areas become accessible.
October 28, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida

Texas A&M Research Links Climate Change to Increased Hurricane Rainfall in the Southeast

Texas A&M Research Links Climate Change to Increased Hurricane Rainfall in the Southeast

A Texas A&M study shows a nearly 20% increase in extreme rainfall during storms like Hurricane Helene, linking climate change to intensified flooding risks across the southeastern United States.
October 28, 2024 Catastrophe Property Risk Management Florida Georgia North Carolina Texas

Widespread Flooding from Hurricane Helene Spotlights Inland Insurance Gaps

Widespread Flooding from Hurricane Helene Spotlights Inland Insurance Gaps

The devastation from Hurricane Helene reveals a significant inland flood-protection gap, particularly in flood-prone communities without sufficient insurance coverage, where misinformation and funding challenges further slow recovery efforts.
October 28, 2024 Catastrophe Insurance Industry Legislation & Regulation Risk Management Florida Georgia Kentucky New Jersey New York

Hurricane Milton Causes $2 Billion in Insured Losses in Florida

Hurricane Milton Causes $2 Billion in Insured Losses in Florida

Hurricane Milton has resulted in over $2 billion in insured losses in Florida, with more than 230,000 claims filed. Most claims are for residential properties, and 12.8% have been closed so far.
October 23, 2024 Catastrophe Insurance Industry Property Risk Management Florida

Employers Face Rising Scrutiny Over Worker Safety Amid Natural Disasters

Employers Face Rising Scrutiny Over Worker Safety Amid Natural Disasters

As natural disasters become more frequent, lawsuits are shining a light on employer responsibility for worker safety. Recent cases in Tennessee and Kentucky highlight the legal risks companies face without proper emergency plans.
October 23, 2024 Catastrophe Litigation Risk Management Workers' Compensation Kentucky Missouri New York Tennessee

California Debuts Innovative Flood Program for Isleton Residents

California Debuts Innovative Flood Program for Isleton Residents

California introduces its first community-based flood program in Isleton, offering payouts to residents in flood zones when water levels hit specific thresholds, enhancing climate resilience.
October 21, 2024 Catastrophe Legislation & Regulation Property Risk Management California

2024 U.S. Home Trends Report Reveals Impact of Hail and Catastrophes on Insurance Costs

2024 U.S. Home Trends Report Reveals Impact of Hail and Catastrophes on Insurance Costs

The latest LexisNexis U.S. Home Trends Report shows increasing home insurance loss costs, driven by hail and catastrophic claims, while some weather-related perils saw declining severity in 2023.
October 21, 2024 Catastrophe Insurance Industry Property Risk Management

Natural Catastrophe Losses in 2024 Near Average Amid Escalating Late-Season Storm Risks

Natural Catastrophe Losses in 2024 Near Average Amid Escalating Late-Season Storm Risks

Insured losses from global natural catastrophes exceeded the 10-year average, driven by frequent storms and floods, while total economic losses for 2024 remained slightly below average.
October 17, 2024 Catastrophe Insurance Industry Property Risk Management Florida North Carolina Tennessee Virginia

Hurricane Forecasts Face Backlash as Meteorologists Battle Misinformation and Threats

Hurricane Forecasts Face Backlash as Meteorologists Battle Misinformation and Threats

Despite the increasing accuracy of hurricane forecasts, meteorologists are facing growing threats, conspiracy theories, and public distrust fueled by misinformation on social media.
October 17, 2024 Catastrophe Risk Management Technology Alabama Florida Iowa North Carolina

Tornadoes Hit South Florida as Hurricane Milton’s Landfall Strikes Elsewhere

Tornadoes Hit South Florida as Hurricane Milton’s Landfall Strikes Elsewhere

While Hurricane Milton’s landfall was far from southeastern Florida, dozens of tornadoes struck the region, causing significant damage to homes and killing several people across the state.
October 15, 2024 Catastrophe Litigation Property Risk Management Florida

Why Hurricane Milton’s Tornado Outbreak Was So Severe and What It Means for Future Storms

Why Hurricane Milton’s Tornado Outbreak Was So Severe and What It Means for Future Storms

Hurricane Milton triggered a deadly tornado outbreak in Florida, raising concerns over the increasing frequency of strong tornadoes linked to hurricanes. Early studies suggest a warmer world could amplify this trend.
October 15, 2024 Catastrophe Property Risk Management Florida

Florida Insurers Confident in Managing Losses From Another Major Hurricane This Season

Florida Insurers Confident in Managing Losses From Another Major Hurricane This Season

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.
October 15, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida

Hurricane Milton’s 123,000 Claims Signal New Reinsurance Strain, Rate Hikes Expected

Hurricane Milton’s 123,000 Claims Signal New Reinsurance Strain, Rate Hikes Expected

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.
October 15, 2024 Catastrophe Legislation & Regulation Property Florida
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