Reinsurance News recently spoke to Joss Matthewman, Senior Director, Product Management & Strategy, RMS, about what he believes the re/insurance industry needs to do to try and combat the effects of climate change.
A recent case study by Moody’s reveals that in locations like South Florida, meeting or surpassing evolving building codes can slash home damage costs almost tenfold.
Large parts of the world, including China and the Midwest US, are on track to become too hot for humans to handle as accelerating global temperatures expose billions to heat and humidity so extreme their bodies will no longer be able to cope, according to a new study.
Portions of the South are facing the increased threat of severe weather and tornadoes this time of year. We are in the period known as the ‘second tornado season’ for many residents in the south. The American Property Casualty Insurance Association (APCIA) urges residents, particularly across the South and southern Plains to stay vigilant.
The exodus of some insurers from states badly affected by catastrophic climate-related events represents an opportunity for the carriers that remain, but comes with a need to understand the potential effect it has on customer perceptions, according to the J.D. Power 2023 U.S. Home Insurance Study.
As part of its attack on the risk crisis, Triple-I recently participated in a project led by the National Institute of Building Sciences (NIBS) to develop a roadmap for mitigation investment incentives.
The retired FDNY firefighter Patrick Kilgallen remembers the night well. In late October 2012, the approach of Hurricane Sandy up the US Eastern Seaboard coincided with a spring tide, propelling a surge of storm water that crashed into New York City and its surrounds, causing more than $70bn in damages, mostly from flooding.
The United States is confronting an unprecedented wave of billion-dollar weather and climate disasters in 2023, setting a new record, according to data from the National Oceanic and Atmospheric Administration (NOAA).
Another estimate for the eventual insurance and perhaps reinsurance market loss from hurricane Idalia has been released, with Moody’s RMS opting for a $3 billion to $5 billion range.
Insurers were expected to face claims for billions of dollars from Hurricane Idalia which made landfall in Florida on Wednesday, adding to a challenging year for the industry that could result in higher premiums for customers.
As tropical storm Idalia continues to develop, the latest from the NHC forecasts a Category 3 major hurricane Idalia will approach the Florida coastline, leading BMS Senior Meteorologist Andrew Siffert to highlight the potential for any storm of this kind to be a multi-billion dollar insurance and reinsurance market loss event.
Two storms were intensifying Monday as the Atlantic hurricane season was getting into full swing. Tropical Storm Idalia was off the coast of Cuba on a potential track to come ashore as a major hurricane in the southern U.S., the National Hurricane Center said.
Citizens Property Insurance Company CEO Tim Cerio indicated on Tuesday night during a property insurance online forum with Senate Democrats that the company may be unable to pay out claims following another catastrophic hurricane without the use of surcharges for policy holders and assessments on Floridian taxpayers.
