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Sunshine State Homeowners Face New Property Insurance Fee

Sunshine State Homeowners Face New Property Insurance Fee

Homeowners in Florida should prepare for yet another increase in their insurance premiums as more insurers are leaving or failing in the state.
April 26, 2023 Catastrophe Insurance Industry Legislation & Regulation Property Florida

The Many Faces Of Tornadoes

The Many Faces Of Tornadoes

Tornadoes are some of the most extreme weather events on Earth, and just like snowflakes, no two tornadoes are the same.
April 25, 2023 Catastrophe Education & Training

Earthquake Damage Estimates Doubled: $14.7B In Annualized Losses

Earthquake Damage Estimates Doubled: $14.7B In Annualized Losses

Earthquakes cause $14.7 billion in damages and related losses on an annualized basis in the U.S., according to an updated estimate from the U.S. Geological Survey (USGS) and the Federal Emergency Management Agency (FEMA).
April 21, 2023 Catastrophe Property California Oregon Washington

FEMA: No Doesn’t Mean No

FEMA: No Doesn’t Mean No

FEMA has been doing its best when it comes to helping Arkansans recover from the March 31 tornado.
April 21, 2023 Catastrophe Property Arkansas

Tornadoes Are Expanding In Space And Time

Tornadoes Are Expanding In Space And Time

Tornadoes are becoming more frequent in populated parts of the United States and are often occurring as damaging clusters -- a development seen in recent deadly outbreaks from Alabama to Michigan.
April 17, 2023 Catastrophe Property

Climate Change Is Creating A Huge Bubble In The U.S. Financial System

Climate Change Is Creating A Huge Bubble In The U.S. Financial System

Homes constructed in flood plains, storm surge zones, regions with declining water availability, and the wildfire-prone West are overvalued by hundreds of billions of dollars, recent studies suggest, creating a housing bubble that puts the U.S. financial system at risk.
April 17, 2023 Catastrophe Legislation & Regulation Property Risk Management

One Concerning Trend For Independent Adjusters

One Concerning Trend For Independent Adjusters

Canadian P&C carriers appear to be taking claims adjusting expenses in-house more often than several years ago, a trend of concern to the independent adjusting community.
April 14, 2023 Catastrophe Insurance Industry

Likely Shift To El Nino Expected To Make 2023 Atlantic Hurricane Season ‘Slightly’ Below Average

Likely Shift To El Nino Expected To Make 2023 Atlantic Hurricane Season ‘Slightly’ Below Average

The intensity of the 2023 Atlantic hurricane season is expected to be 'slightly below average,' due to a likely shift of Pacific temperature conditions of the past three years from La Nina to El Nino, according to Dr. Phil Klotzbach, Triple-I nonresident scholar and research scientist with Colorado State University (CSU).
April 14, 2023 Catastrophe

Nearly 580K Homes Impacted By Severe Spring Storms

Nearly 580K Homes Impacted By Severe Spring Storms

The recent outbreak of severe weather that crossed a large swath of the country reaching from the Great Lakes to the Gulf of Mexico on April 4 was responsible for more than 200 tornado reports, large hail, and hurricane force winds.
April 13, 2023 Catastrophe Property Illinois Iowa

US Extreme Weather Losses Q1 May Reach $9.5B

US Extreme Weather Losses Q1 May Reach $9.5B

According to BMS Re, a specialised reinsurance broker, and available industry data, it is estimated that the insured losses caused by severe weather events such as hail, tornadoes, and thunderstorm wind gusts in the US during the first-quarter amount to a range of $7 billion to $9.5 billion.
April 12, 2023 Catastrophe Insurance Industry Property

 2023 So Far: 478 Tornado Reports Across 25 States

2023 So Far: 478 Tornado Reports Across 25 States

A string of destructive tornadoes ripped through huge swaths of the country in recent weeks, with experts saying a warmer-than-usual winter across the South likely fueled what has been one of the busiest recorded starts to the tornado season.
April 7, 2023 Catastrophe Property

Hurricane Forecasting Improves, But Preparedness Still Paramount

Hurricane Forecasting Improves, But Preparedness Still Paramount

Hurricane forecasting and warning systems have greatly improved in recent years, providing residents with valuable time to plan, but preparedness remains paramount in south Louisiana as another tropical storm season approaches, federal and state officials said at the start of a national conference in New Orleans on Monday.
April 6, 2023 Catastrophe Property Louisiana

Preparing For Storm Season

Preparing For Storm Season

The storms of life exist to teach valuable lessons -- literally and figuratively. In the world of insurance, post-catastrophe analysis is crucial for making effective changes in a response plan to continue improving year over year.
April 4, 2023 Catastrophe Insurance Industry

The U.S. Leads The World In Weather Catastrophes

The U.S. Leads The World In Weather Catastrophes

The United States is Earth's punching bag for nasty weather. Blame geography for the U.S. getting hit by stronger, costlier, more varied and frequent extreme weather than anywhere on the planet, several experts said.
April 3, 2023 Catastrophe

Natural Catastrophes Trending Upwards

Natural Catastrophes Trending Upwards

Global insured losses from natural catastrophes reached US$125 billion in 2022, the second consecutive year in which insured losses from NatCats exceeded US$100 billion, according to the latest sigma study from Swiss Re Institute. And it looks like this trend is here to stay.
March 23, 2023 Catastrophe
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