Two of the most prominent U.S. insurance companies have responded to President Joe Biden’s call to cover additional living expenses for policyholders in Louisiana who evacuated their homes ahead of Hurricane Ida, but were not under specific mandatory evacuation orders.
Those familiar with the insurance industry will know that it can sometimes be resistant to change. For example, the insurance business was slower to adapt to the digital arena than some other industries. But the rising insurance-related costs associated with climate change have gotten underwriters’ attention.
The U.S. Coast Guard said on Monday it was investigating nearly 350 reports of oil spills in and along the U.S. Gulf of Mexico in the wake of Hurricane Ida.
Insurers are bracing for a hit of about $18 billion from Hurricane Ida in the United States and the Caribbean, catastrophe modeling company Karen Clark & Co (KCC) said on Wednesday.
Ida has weakened to a tropical storm as it moves over southwestern Mississippi. On Tuesday, Ida is expected to move across the Tennessee Valley. Hurricane Ida made landfall Sunday at 11:55 a.m. in Port Fourchon.
Last summer’s destructive derecho has been labeled the costliest thunderstorm in U.S. history, and the staggering price to repair and reconstruct damaged communities in the path of the rare inland hurricane is bearing that out.
Two Northern California wildfires have destroyed dozens of homes, left people unaccounted for or injured and prompted additional evacuations Thursday -- all in less than 48 hours.
Recent deadly flooding events around the world are evidence of the planet’s changing relationship with precipitation as global temperatures continue to warm, according to environmental experts.
Insurance is essential for individuals, businesses, and communities to recover quickly from natural catastrophes ‑ but perils have evolved to a point at which risk transfer, though necessary, isn’t enough to ensure resilience.
Analysts at Moody’s have labelled the recent catastrophic flooding in Germany as a ‘consequence of climate change,’ and warned that German insurers could find it challenging to protect homeowners against climate risk in future without significant price increases.
Central Europe’s worst flooding in many decades has left the region in shock, with corridors of destruction carved across the landscape of western Germany and eastern Belgium.
