A series of powerful thunderstorms that affected Ontario and parts of Quebec this weekend is already being billed by the industry as the first major Cat of 2022. And while industry experts anticipate a large number of insured damages, one predicts the storm may result in a lot of ‘hidden damage.’
The US weather service NOAA has just announced its forecast for the 2022 Atlantic hurricane season, and they are another organisation saying it is likely to see above-normal levels of tropical storm activity, with a 65% chance of an above-normal season in 2022.
The First Street Foundation has expanded its portfolio of peer reviewed, property specific, climate adjusted physical risk models with the launch of the First Street Foundation Wildfire Model, estimating the risk of wildfire on a property-by-property basis across the United States today, and up to 30 years into the future.
Triple-I non-residential scholar Phil Klotzbach has proposed what he says is a better way to predict hurricane damage than the wind scale currently in use. Speaking at National Hurricane Conference in Orlando, Fla., the Colorado State University research scientist recommended using barometric pressure instead of the Saffir-Simpson wind-based scale.
The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS.
A fourth insurer has gone belly-up in Hurricane Ida’s aftermath. Louisiana’s Department of Insurance took over Lighthouse Property Insurance Corporation in a court-ordered receivership last week, making it the fourth financially troubled insurer to require rescue in recent months.
Climate change made the record-smashing deadly 2020 Atlantic hurricane season noticeably wetter, a new study says. And it will likely make this season rainier, too, scientists said.
Pacific Gas & Electric, the nation’s largest utility, has agreed to pay more than $55 million to avoid criminal prosecution for two major wildfires sparked by its aging Northern California power lines and submit to five years of oversight in an attempt to prevent more deadly blazes.
Try this word game, but a couple of disclaimers first: It’s not supposed to be fun, and it could have a severe effect on your property value. ‘In general, the analysis approach for leveed areas was similar to that for non-leveed areas, however the leveed area analysis relied solely on KatRisk and MDI because it was not possible to adjust the AIR and CoreLogic models based on the USACE analysis described above.’
After a disaster, Louisianans are running into problems with their insurance companies sending dozens of adjusters to their case -- leading to major delays in support. Some legislation is looking to tackle that problem despite insurance companies raising objections.
A recent report by the U.N.’s Intergovernmental Panel on Climate Change (IPCC) emphasizes the importance of ‘near-term mitigation and adaptation actions’ to avoid the worst consequences of a warming world.
Failed insurance companies. Multi-billion dollar losses. Consumers on edge. Sound familiar? The last two years have dealt a punishing blow to Louisiana’s homeowners insurance market, much like the wave of hurricanes that rocked the Gulf Coast more than a decade ago.
