The Travelers Companies, Inc. has today reported record net income of $1.3 billion for the fourth-quarter of 2020, driven by an improved underwriting gain, higher favourable reserve development and investment income, and a reduction in catastrophe losses.
Catastrophe modeling firm AIR Worldwide, in partnership with experts from the Brookings Institution and AXIS Capital Holdings Limited, has released a report exploring how climate change may affect hurricane risk in the US by 2050. The report specifically focuses on financial losses to residential and commercial properties.
It’s long been established that warming temperatures cause more frequent and intense precipitation. But placing a dollar value on the contribution of climate change to storm damage has been tricky.
The U.S. Federal Emergency Management Agency (FEMA) has secured $1.153 billion of flood reinsurance for the National Flood Insurance Program (NFIP) for 2021, at a premium of $195.8 million.
Swiss Re has estimated that insurance industry losses from natural catastrophes and man-made disasters amounted to a total of $83 billion in 2020, making it the fifth-costliest year since 1970.
North American hurricane landfalls in November added about $9 billion to the total Atlantic seasonal financial toll in terms of catastrophe losses, Aon said in its latest Global Catastrophe Recap report.
Monday officially marks the final day of Atlantic hurricane season, and it has been one for the record books. 2020 has been undoubtedly a crazy year -- with the Covid-19 pandemic, murder hornets, and some of the largest wildfires in recorded history.
Bruce Carnegie-Brown, chairperson at Lloyd’s of London, announced that the global pandemic insurance losses this year will be higher than what they had previously estimated.
Hurricanes are keeping their staying power longer once they make landfall, spreading more inland destruction, according to a new study. Warmer ocean waters from climate change are likely making hurricanes lose power more slowly after landfall, because they act as a reserve fuel tank for moisture, the study found.
State officials released a report with preliminary insurance claim totals for Iowa from the August 10 derecho which gave some sense of the enormous extent of the damage caused by the storm.
Insurance industry analysts estimate storm damage from Hurricane Zeta in Louisiana could cost between $1.7 billion and $2.8 billion in repairs. Analytics business CoreLogic estimated that when storm damage in Mississippi and Alabama are factored in Hurricane Zeta caused $3.5 billion in destruction.
From Wednesday night into Thursday morning the East Troublesome fire in Grand County, Colorado exploded from 19,000 to 125,000 acres in just 12 hours, driven by wind gusts of up to 60 mph. It is now the fourth biggest fire in state history.
We are marking the one-year anniversary of the state’s most expensive tornado outbreak. Most of the cost was created by an EF-3 tornado that slashed North Dallas on October 20, 2019.
There is growing awareness that governments can transfer the financial risk of natural disasters to both insurance and capital markets, a Swiss Re expert observes.
