Legislation that seeks to lay out a process for homeowners who suffered catastrophic hurricane damage to settle a claim dispute between their insurance company cleared a state House Insurance Committee Tuesday.

Karen Clark & Company (KCC) has announced that American Family Group has licensed KCC’s full suite of US catastrophe models. The models are delivered through KCC’s RiskInsight open loss modeling platform.

As we celebrate Earth Day, it’s important to remember that every day is Earth Day in the re/insurance industry.
Climate risk is a priority for member companies of the Association of Bermuda Insurers & Reinsurers (ABIR). They bring their expertise, innovation, commitment and claims paying capacity to secure a more resilient world.

Texas is still shaking from one of the most damaging natural disasters in recent history. In February 2021, the southern state and its surrounding neighbors fell prey to Winter Storm Uri -- a deep freeze event that saw temperatures plummet as low as -18C.

Arch Capital Group, the global insurance and reinsurance specialist underwriter, has pre-announced an expectation of suffering up to $190 million of first-quarter catastrophe losses, the majority of which seem to be from the US winter storms, on which the company pegs an up to $16 billion industry loss estimate.

Initial projections from forecasters suggests that the 2021 Atlantic hurricane season could be very active, while the chance of major hurricane landfalls occurring is also seen as above-average.

Power outages have become more common in the United States during the last 10 years. The country’s power grid needs updating, but the progress is slow. According to one analysis, the United States has more power outages than any other developed country.

The influence of climate change is becoming more visible in the increasingly frequent occurrences of so-called secondary peril events, according to Swiss Re’s Group Chief Economist, who also warns of the potential for peak perils to follow a similar trend of rising loss costs.

After getting off to a relatively quiet start, tornado season in the United States is picking up steam, with experts predicting that conditions are ripe for a supercharged storm season.

Analysts at Barclays believe that the unprecedented level of losses caused by February’s Winter Storm Uri in the US could be ‘setting the stage’ for another above-average catastrophe year for re/insurers.

A decade after a devastating magnitude-9.0 earthquake struck Japan, the U.S. remains largely uninsured against this natural disaster, according to the Insurance Information Institute (Triple-I).

A record-breaking natural disaster, Winter Storm Uri, is slated to result in the largest amount of insurance claims in Texas history from a single event. The winter storm swept through the state causing widespread power outages, water shortages, frozen pipes that burst and flooded buildings, snow or ice damage to buildings, fires, car accidents and deaths.

The US averages over 1,150 tornadoes every year. That’s more than any other country. In fact, it’s more than Canada, Australia and all European countries combined.

The first estimates of losses for the Texas deep freeze event, which resulted in burst pipes, widespread blackouts, and water shortages, have arrived – and they’re not pretty.

It didn’t gain as much attention in the news, but the past year brought about a series of natural disasters around the world in addition to the pandemic. This continues a major trend we have been witnessing for the last two decades.