Insurance flood claims have a much broader societal impact than on just the property and casualty insurance industry alone — which is another reason why it is critical to start adopting flood mitigation and prevention measures now, a climate expert told a recent conference.

An underwriter can be deemed the wizard of the insurance industry, peering into his/her magic ball to ensure they are well-positioned to react to a culture shift in an ever-changing market.

With an insurance crisis causing widespread disruption throughout the state, California regulators rolled out legislation that would force insurance companies to offer coverage in areas where communities and property owners have “hardened” their homes against wildfire risk.

Climate change is spurring a new, deep dive into a complex, little-studied weather system blamed for creating billions of dollars in flood damage across the western U.S.

Hail is a major driver of insured property damage in Canada, but testing resilience of roofing material by dropping steel balls on it has limited value, a CatIQ Connect speaker suggested Wednesday. Roy Wright, president and CEO of the Insurance Institute for Business and Home Safety, described how the industry tends to test roofing materials.

When the ground shakes in Puerto Rico and it is time to head for higher ground, the people in the northwestern coastal city of Aguadilla find out the old way: the shrill of whistles. Aguadilla is one of two dozen cities on the island that do not have emergency alert sirens, even as hundreds of earthquakes have rattled Puerto Rico for weeks.

As the effects of climate change increase in severity, world financial leaders debate over just how much the crisis is affecting the global economy. Back in February 2019, Morgan Stanley released a report outlining the costs of climate disasters in the last three years. Of the $650 billion in economic losses, $415 billion of that came from North America.

The ongoing outbreak of bushfires in Australia are now said to be the costliest example from an insurance and reinsurance market loss perspective, as the latest data shows losses reached A$1.65 billion (US $1.13bn).

Firefighters in the western United States face a shared struggle with others around the world who battle wildfires as the “seasons” for these events seem to grow longer and more destructive every year. Climate change and human encroachment on wildlands—driven by property development and agriculture—have fostered conditions that increase fire risk in disparate regions, from California, to Australia, to the Amazon rainforest, to Siberia.

Aon has published its latest catastrophe report, which points to a gaping insurance hole for 2019. According to the broking giant’s Weather, Climate & Catastrophe Insight: 2019 Annual Report released today, last year’s 409 natural catastrophe events equated to $232 billion in economic losses.