Record Natural Disasters in 2023 Reveal Growing Global Vulnerabilities and Opportunities
In 2023, a record number of natural disasters, driven by severe earthquakes and storms, led to unprecedented economic and insured losses, highlighting the urgency for improved global resilience.
January 25, 2024
Catastrophe
Property
Risk Management
Florida’s Home Insurance Crisis Threatens Real Estate Market Stability
Florida faces a potential real estate downturn as home insurance premiums skyrocket, making mortgages increasingly difficult to obtain.
January 24, 2024
Catastrophe
Legislation & Regulation
Property
Florida
Texas Law Firm Faces Over $10 Million Judgment for Hurricane Claim Fraud
McClenny, Moseley & Associates, a Texas law firm, is ordered to pay over $10 million for fraudulent activities related to hurricane insurance claims.
January 23, 2024
Catastrophe
Fraud
Litigation
Property
Louisiana
Texas
Florida Plans to Issue Bonds to Support Hurricane Losses Fund
Florida aims to bolster its hurricane catastrophe fund by borrowing up to $3.8 billion through municipal bonds to support property insurers against hurricane losses.
January 23, 2024
Catastrophe
Insurance Industry
Legislation & Regulation
Property
Florida
FEMA Announces Major Reforms to Enhance Disaster Recovery Support
In a move to streamline disaster relief, FEMA is set to introduce faster fund access, broader repair eligibility, and an easier application process for disaster survivors.
January 22, 2024
Catastrophe
Legislation & Regulation
Property
Risk Management
Record Global Insured Losses from Natural Catastrophes Highlight Growing Climate Challenges
Gallagher Re’s report reveals that secondary perils and severe weather events have led to global insured losses of $123 billion in 2023, marking a concerning trend in climate-related damages.
January 18, 2024
Catastrophe
Insurance Industry
Risk Management
Winter Storm Triggers Deadly Avalanches Across Western U.S. During MLK Weekend
A severe winter storm brings a spate of dangerous avalanches, resulting in fatalities and heightened risks in the western U.S. during the long Martin Luther King Jr. Day weekend.
January 16, 2024
Catastrophe
Insurance Industry
Property
Risk Management
California
Idaho
IoT in Insurance: Moving Beyond Potential to Mass Deployment
A recent webinar with Hartford Steam Boiler and IoT Insurance Observatory experts reveals the imperative shift from potential to mass deployment in the IoT sector for insurance.
January 16, 2024
Catastrophe
Insurance Industry
Risk Management
Technology
Proposed House Bill 1213 Aims to Transform Citizens Property Insurance into Primary Windstorm Coverage Provider
House Bill 1213, proposed by State Representatives Spencer Roach and Hillary Cassel, seeks to make Citizens Property Insurance a primary option for windstorm coverage in Florida.
January 16, 2024
Catastrophe
Insurance Industry
Legislation & Regulation
Property
Florida
Debate Arises Over Proposed Federal Catastrophe Reinsurance Program
The new federal catastrophe reinsurance bill faces scrutiny from America’s insurers, highlighting concerns over policyholder costs and insurance access.
January 15, 2024
Catastrophe
Insurance Industry
Legislation & Regulation
Risk Management
California
Jackson, Mississippi Wins $10.3 Million Settlement from Zurich American Insurance
After a lengthy legal battle, the city of Jackson, Mississippi, is set to receive $10.3 million from Zurich American Insurance for damages from a 2013 hailstorm.
January 12, 2024
Catastrophe
Insurance Industry
Litigation
Property
Mississippi
Prolonged Rainfall in Eastern Australia Causes Widespread Damage, Upending Wildfire Preparations
Eastern Australia faces unexpected and prolonged deluge, causing extensive damage to homes and crops, challenging the typical preparations for wildfire season.
January 12, 2024
Catastrophe
Risk Management
Moody’s RMS Estimates Insured Losses from Noto Peninsula Earthquake at $3-6 Billion
Moody’s RMS analysis predicts insured losses from the January 1 Noto Peninsula earthquake in Japan to range between $3 to $6 billion, covering various impacts.
January 12, 2024
Catastrophe
Insurance Industry
Risk Management
Technology
Stray Dogs Cause $350,000 Damage at Houston Car Dealership
Two stray dogs are responsible for extensive damage at G Motors in Houston, tearing bumpers and scratching paint off vehicles.
January 11, 2024
Catastrophe
Liability
Property
Weird
Texas
$100 Million Settlement Reached in 2018 Grand Canyon Helicopter Crash
The family of a British tourist receives a $100 million settlement for the 2018 Grand Canyon helicopter crash that resulted in five deaths, including the tourist’s.
January 11, 2024
Catastrophe
Legislation & Regulation
Liability
Risk Management
Nevada
