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Moody’s RMS Estimates $2.5-$4.5 Billion in U.S. Insured Losses from Hurricane Beryl

Moody’s RMS Estimates $2.5-$4.5 Billion in U.S. Insured Losses from Hurricane Beryl

Moody's RMS estimates U.S. insured losses from Hurricane Beryl between $2.5 and $4.5 billion, with NFIP losses under $300 million and non-U.S. losses not exceeding $1.5 billion.
July 16, 2024 Catastrophe Insurance Industry Property Risk Management Texas

Understanding Hurricane Categories: Why Even "Weaker" Storms Can Be Dangerous

Understanding Hurricane Categories: Why Even "Weaker" Storms Can Be Dangerous

While often dismissed, Category 1 hurricanes and tropical storms can cause significant damage and fatalities, emphasizing the need for a comprehensive understanding of storm impacts beyond mere wind strength.
July 15, 2024 Catastrophe Insurance Industry Risk Management Technology Florida Louisiana New York Texas

Nearly 300,000 Without Power in Texas One Week After Hurricane Beryl

Nearly 300,000 Without Power in Texas One Week After Hurricane Beryl

Hundreds of thousands of Texans remain without power one week after Hurricane Beryl caused widespread damage. Gov. Greg Abbott has demanded an explanation from Houston's main electricity supplier.
July 15, 2024 Catastrophe Legislation & Regulation Risk Management Technology Texas

Hurricane Beryl Estimated to Cause $3.3 Billion in Insured Losses Across the Americas

Hurricane Beryl Estimated to Cause $3.3 Billion in Insured Losses Across the Americas

Hurricane Beryl is estimated to have caused $3.3 billion in insured losses, with $2.7 billion in the U.S., $510 million in the Caribbean, and $90 million in Mexico.
July 11, 2024 Catastrophe Insurance Industry Property Technology Texas

White House Elevates Infrastructure to Combat Intensifying Floods

White House Elevates Infrastructure to Combat Intensifying Floods

The Biden administration finalizes a policy requiring FEMA-funded reconstruction projects to be elevated above local flood levels to mitigate damage from intensifying floods due to climate change.
July 11, 2024 Catastrophe Legislation & Regulation Property Risk Management Texas

Atlantic Hurricane Season Outlook Predicts More Storms

Atlantic Hurricane Season Outlook Predicts More Storms

Colorado State University has revised its forecast for the 2024 Atlantic hurricane season, predicting an even busier season with 25 named storms and 12 hurricanes.
July 9, 2024 Catastrophe Insurance Industry Legislation & Regulation Risk Management

CoreLogic Estimates Hurricane Beryl’s Insurable Losses in Jamaica, Cayman Islands, and Mexico Under $2 Billion

CoreLogic Estimates Hurricane Beryl’s Insurable Losses in Jamaica, Cayman Islands, and Mexico Under $2 Billion

CoreLogic estimates that Hurricane Beryl caused insurable losses between $400 million and $700 million in Jamaica and the Cayman Islands, with similar losses in Mexico's Yucatan Peninsula.
July 8, 2024 Catastrophe Insurance Industry Property Risk Management

July 4th Fireworks Ignite Wildfire in New Jersey, Burning 4,000 Acres in Wharton State Forest

July 4th Fireworks Ignite Wildfire in New Jersey, Burning 4,000 Acres in Wharton State Forest

A wildfire caused by July 4 fireworks has burned 4,000 acres in New Jersey's Wharton State Forest, with containment now at 75%.
July 8, 2024 Catastrophe Legislation & Regulation Property Risk Management New Jersey

Hurricane Beryl Slams Texas with Deadly Force: 90 mph Gusts, Life-Threatening Storm Surge

Hurricane Beryl Slams Texas with Deadly Force: 90 mph Gusts, Life-Threatening Storm Surge

Hurricane Beryl made landfall in Texas, bringing 90 mph winds, torrential rain, and life-threatening storm surge, leaving one person dead and over 1.5 million without power.
July 8, 2024 Catastrophe Insurance Industry Property Risk Management Texas

Hurricane Beryl’s Unprecedented Early Season Impact Signals Climate Concerns

Hurricane Beryl’s Unprecedented Early Season Impact Signals Climate Concerns

Hurricane Beryl's rapid intensification in early July breaks records and raises concerns about future storm activity due to climate change.
July 2, 2024 Catastrophe Property Risk Management Texas

Big Florida Insurers Close Nearly Half of Homeowner Claims Without Payment

Big Florida Insurers Close Nearly Half of Homeowner Claims Without Payment

Weiss Ratings, an independent insurance rating agency, reports that three major Florida homeowners insurance providers closed nearly half of their claims last year without any payment.
July 2, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida

Escalating Home Insurance Costs Linked to Disaster Risk: Insights from Mortgage Escrow Data

Escalating Home Insurance Costs Linked to Disaster Risk: Insights from Mortgage Escrow Data

An analysis of 47 million homeowners' insurance expenditures reveals a sharp increase in premiums from 2020 to 2023, with disaster-prone areas experiencing the most significant hikes due to rising reinsurance costs.
July 1, 2024 Catastrophe Insurance Industry Property Risk Management California Florida Louisiana Texas

Former Green Bay Packer Randall Cobb, and Family Survive House Fire in Nashville

Former Green Bay Packer Randall Cobb, and Family Survive House Fire in Nashville

NFL wide receiver Randall Cobb and his family narrowly escaped a fire at their Nashville home, which began in the garage and caused significant damage, but fortunately left everyone unharmed.
June 27, 2024 Catastrophe Insurance Industry Property Risk Management Tennessee Texas

Lightning-Related Insurance Claims Soar in 2023

Lightning-Related Insurance Claims Soar in 2023

The Insurance Information Institute (Triple-I) reported a 30% increase in total claims value from 2022, highlighting the financial impact of severe convective storms.
June 19, 2024 Catastrophe Insurance Industry Property Risk Management Alabama California Florida Georgia Louisiana

South Florida Flooded by Historic Rainstorm, Struggles to Adapt to Climate Challenges

South Florida Flooded by Historic Rainstorm, Struggles to Adapt to Climate Challenges

A once-in-200-years rainstorm, Invest 90L, flooded South Florida, highlighting the region's struggle to adapt to rising sea levels and extreme weather.
June 18, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida
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