Data released by the Pacific Disaster Center and the Federal Emergency Management Agency (FEMA) has painted a harrowing picture of the aftermath of the Lahaina wildfire. As of August 11th, a staggering 2,207 structures have fallen victim to the relentless blaze.
Scientists at the National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center have issued an update for the ongoing 2023 Atlantic hurricane season, increasing their prediction from a near-normal level of activity to an above-normal level.
The wildfire outbreaks in Hawaii have reportedly destroyed 1,700+ buildings thus far, indicating a potential extensive loss for the re/insurance industry, while the death toll has risen to 55, with as many as 1,000 people missing.
Maui faces a long road to recovery from the devastating blazes this week -- Hawaii’s deadliest natural disaster since 1960. At least 55 people have died.
President Joe Biden has approved a disaster declaration for Hawaii and ‘ordered federal aid to supplement state and local recovery efforts in the areas affected by wildfires,’ according to the White House.
According to the World Bank, the earthquake that shook Turkey back in February caused direct physical damage worth $34 billion. The Turkish Enterprise and Business Confederation, however, estimates the quake’s total economic impact will reach roughly $84.1 billion, including loss of productivity and national income.
Travelers, considered a bellwether for the insurance industry due to its size, said catastrophe losses doubled in its most recent quarter and the company swung to a loss as severe wind and hailstorms in a number of regions led to rising coverage claims.
U.S. population growth in hurricane-prone states, coupled with the increasingly heavy rainfall which accompany these storms, has generated costlier insurance claim payouts for wind and flood-caused property damage, according to the Insurance Information Institute (Triple-I).
Economic losses from catastrophic flooding across Vermont earlier this week could reach into the hundreds of millions of dollars or higher, Aon PLC said in a report Friday.
In response to the State of Emergency declared by Governor Phil Scott on July 9, the Vermont Department of Financial Regulation has announced a measure to allow property and casualty insurance carriers to utilize individual adjusters who are not licensed in Vermont.
COVID-19 restrictions led adjusters to shift claims work to desktop teams. The change was driven by client reluctance to meet in-person and employees’ desire to reduce site work until the risks were better understood.
Aon, a prominent global professional services firm, has successfully completed a ‘historic’ parametric insurance program for the Government of Puerto Rico.
Climatologists from Colorado State University have issued a revised forecast, predicting an above-average number of tropical storms and hurricanes this year due to unusually warm waters in the Atlantic Ocean.
Global reinsurance broker Gallagher Re released its latest 1st View renewals report, which highlights the trends and dynamics at the July 1 reinsurance renewals.
