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How Global Companies Drive The Home Insurance Crisis In California Wildfire Zones

California enjoyed a comparatively mild wildfire season in 2019, but it wasn’t enough to save Bobbi Pimentel’s homeowners’ insurance policy. Pimentel and her husband, who live in a rural area 30 miles east of Redding, got the dreaded notice in late November: Horace Mann Educators Corp., which has insured their property for 13 years, wouldn’t renew their policy.
January 21, 2020 Catastrophe Legislation & Regulation Property California

U.S. Flood Risk Model To Be Accessible To Public

A climate research organization will offer access to a risk model that predicts the probability of flooding for homes across the United States, giving the public a look at the data institutional investors use to gauge risk.
January 14, 2020 Catastrophe Property Technology

’19 Hurricane Season: Dodging A Bullet

The six-month 2019 North American hurricane season is officially in the books, and it was an active one in terms of named storm counts, with the majority of activity coming in the typical mid-August and mid-October periods.
January 10, 2020 Catastrophe Education & Training

How Computer Models Are Playing An Increasingly Important Role In Catastrophe Losses

From Jan. 1 to Oct. 4, 2019, there were 41,074 California wildfires, with 4.4 million acres burned, according to the National Interagency Fire Center. California also sustained its largest fire in state history last year—the Mendocino Complex Fire, which burned 459,123 acres.
January 10, 2020 Catastrophe Litigation

Billion-Dollar Disasters Doubled From First To Second Decade Of The 21st Century

Hurricanes remain the most expensive natural disaster — even when compared to the massive floods, powerful tornadoes, drought, wildfires and other catastrophes plaguing the Untied States.
January 9, 2020 Catastrophe

Grasping The Perils Of Extreme Weather

In 2018, extreme weather had a devastating impact on certain states — primarily driven by increasing severity, rather than frequency, of catastrophic events.
January 8, 2020 Catastrophe

Australia’s Extreme Wildfires Predicted To Worsen

Thousands of tourists and residents evacuated parts of Australia on Friday as hot temperatures and strong winds were expected to worsen wildfire conditions over the weekend.
January 3, 2020 Catastrophe Property

Climate Change Is Making Secondary Perils Worse: Swiss Re

Thanks to climate change, so-called “secondary perils” are a least as threatening to global property and casualty insurers as primary perils such as earthquakes or hurricanes, according to the latest sigma study published by Swiss Re.
January 3, 2020 Catastrophe

U.S. Liable For Home Damages From Flooding During Hurricane Harvey

Hundreds of Houston homeowners near U.S. Army Corps of Engineers-managed reservoirs may receive compensation for flooding of their properties during 2017’s Hurricane Harvey, a federal judge ruled on Tuesday.
December 18, 2019 Catastrophe Property Texas

Polar Vortex, Midwest Floods, California Fires: The U.S.’s Wild 2019 Weather

From a brutal polar vortex that froze much of the Midwest and East Coast in January to Hurricane Dorian that killed dozens in the Bahamas in September, Mother Nature dealt Americans a wild and deadly weather year in 2019.
December 11, 2019 Catastrophe

California Puts One-Year Halt On Insurers Dropping Customers In Wildfire-Prone Areas

California on Thursday ordered a one-year halt on insurance companies dropping customers in wildfire-prone areas at a time when state insurers are trying to limit spiraling costs from climate change.
December 6, 2019 Catastrophe Legislation & Regulation Property California

Avoiding The Pitfalls In Catastrophe Claims

Managing catastrophe reinsurance claims is a big challenge for carriers. In particular, dealing with the “hours clause” can be baffling. But taking the best strategy can make a big difference in how much reinsurance a carrier will collect.
December 4, 2019 Catastrophe Technology

PG&E Accepts Fault For Deadly Camp Fire, Seeks ’Technologies’ To Limit Future Risks

As PG&E accepts the latest round of blame for setting off California’s deadliest and most destructive wildfire ever, the state’s largest utility says it’s exploring innovative means of preventing similar disasters in the future.
December 4, 2019 Catastrophe Liability California

FEMA Report Explores Blockchain For Disaster Insurance Payouts

A recent report by the advisory board of the U.S. Federal Emergency Management Agency (FEMA) recommends using blockchain to expedite insurance payouts in the event of a disaster.
November 21, 2019 Catastrophe Property Technology

Lessons Learned After Hard CAT Years: Certain Claims Attract Public Adjusters

It has been quite the turbulent ride for catastrophe insurance providers in the past few years. The US has suffered a series of devastating hurricanes, kicking off on August 25, 2017, when Hurricane Harvey made landfall in Texas as a Category 4 storm.
November 12, 2019 Catastrophe Property Risk Management
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