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Insured Losses From US Riots Could Surpass $1B

Insured Losses From US Riots Could Surpass $1B

As nation-wide rioting continues in the US following the death of unarmed George Floyd in police custody in Minneapolis, comparisons with previous civil disorders in the country suggests it could be a relatively meaningful man-made loss for the re/insurance industry.
June 3, 2020 Catastrophe Property

Insurers: We Can’t Pay Coronavirus Business Losses, That’s Taxpayers’ Job

Insurers: We Can’t Pay Coronavirus Business Losses, That’s Taxpayers’ Job

Insurance companies would go broke paying all the business-interruption and workers’ compensation claims they could face because of coronavirus and the resulting shutdowns, according to A.M. Best, the insurance ratings agency.
May 29, 2020 Catastrophe Legislation & Regulation

Michigan Residents Assess Fallout From 500-Year Flood, Dam Failure

Michigan Residents Assess Fallout From 500-Year Flood, Dam Failure

Residents in central Michigan on Thursday began returning to water-logged homes and assessing the scope of damage left by what Gov. Gretchen Whitmer described as a "500-year" flooding event. The disaster began unfolding on Tuesday after a long period of heavy rain caused rivers to swell beyond anything seen before, which resulted in two dams failing.
May 22, 2020 Auto Catastrophe Property Michigan

NOAA Forecasts Busy Hurricane Season

NOAA Forecasts Busy Hurricane Season

Forecasters at the National Oceanic and Atmospheric Administration are predicting an above-normal 2020 Atlantic hurricane season.
May 21, 2020 Catastrophe Property Alabama Florida Georgia Louisiana Mississippi

‘BI Coverage’ Misnomer Puts The P&C Industry Behind The 8-Ball

‘BI Coverage’ Misnomer Puts The P&C Industry Behind The 8-Ball

The insurance industry set itself up for a public relations disaster when it comes to business interruption claims, and it should be prepared to be called out more often on the name given to the coverage, says one risk researcher.
May 19, 2020 Catastrophe Risk Management

"Pandemics Are Fundamentally Uninsurable Events"

"Pandemics Are Fundamentally Uninsurable Events"

To help the public understand the insurance industry’s role, the Insurance Information Institute (I.I.I.) has launched a new educational campaign - one that makes it clear that insurance should not be on the hook for the coronavirus pandemic.
May 19, 2020 Catastrophe Education & Training

Lloyd’s Of London Says Coronavirus Claims To Be Biggest Since 9/11

Lloyd’s Of London Says Coronavirus Claims To Be Biggest Since 9/11

Insurance market Lloyd’s of London has said it expects coronavirus-related claims to cost it $3bn to $4.3bn (£2.5bn to £3.5bn). That means its biggest payout since the 11 September 2001 attacks in the US.
May 15, 2020 Catastrophe

Arthur Would Be Another Early Tropical Storm: Does Hurricane Season Officially Start Too Late?

Arthur Would Be Another Early Tropical Storm: Does Hurricane Season Officially Start Too Late?

Another year, another "preseason" tropical storm. Tropical (or Subtropical) Storm Arthur is likely to form over the next few days, the National Hurricane Center said Thursday, giving the system a 70% chance of development within the next five days.
May 15, 2020 Catastrophe Property

Atlantic Hurricane Season: More Trouble Ahead?

Atlantic Hurricane Season: More Trouble Ahead?

With the official start of the 2020 Atlantic hurricane season just one month away, there has likely never been a more important one for the insurance industry.
May 14, 2020 Catastrophe Property

Catastrophe Response — The New Norm?

Catastrophe Response — The New Norm?

Between the industry’s digital disruption and now the practicing of social distancing related to COVID-19, the processes of a catastrophe response, both field and desk adjusting, are undergoing significant changes.
May 11, 2020 Catastrophe Education & Training Property

Are We Ready For A Technology Catastrophe?

Are We Ready For A Technology Catastrophe?

When encountering the term "catastrophic risk", most people will think about extreme weather, climate change, earthquakes, and other related concepts involving nature. However, Marsh’s Technology Industry Risk Study 2020 has highlighted a widely underestimated risk that could potentially lead to catastrophic results: the failure of technology to perform.
May 11, 2020 Catastrophe Risk Management Technology

The Show Must Go On: Claims And Litigation In A World Dominated By COVID-19

The Show Must Go On: Claims And Litigation In A World Dominated By COVID-19

In case you weren’t aware, there’s a pandemic currently sweeping our nation, and the convulsions caused by COVID-19’s impact on our personal lives have only been rivaled by those felt in our professional ones.
May 8, 2020 Catastrophe Litigation Risk Management Technology

Coronavirus Business Interruption Battle Pits Business Lobby Against Itself

Coronavirus Business Interruption Battle Pits Business Lobby Against Itself

Small businesses trying to get their state legislatures to force insurance companies to cover coronavirus losses are coming up against an opponent many might not have expected: the U.S. Chamber of Commerce.
May 8, 2020 Catastrophe Legislation & Regulation Litigation

U.S. Adds Social Distancing To Atlantic Hurricane Season Emergency Response Plan

U.S. Adds Social Distancing To Atlantic Hurricane Season Emergency Response Plan

With the 2020 Atlantic hurricane season fast approaching, U.S. officials on Thursday said they were readying more buses, hotel rooms and shelter space for social distancing to reduce the spread of the novel coronavirus during potential evacuations.
May 8, 2020 Catastrophe

Would Form Of TRIA Work For Pandemics?

Would Form Of TRIA Work For Pandemics?

Currently, there is a movement by some industry personnel and legislators to expand the Terrorism Risk Insurance Act (TRIA) to include pandemics. There is a discussion draft of a bill, and a summary of that bill here. So, is a federal backstop program that is part of, or similar to, TRIA feasible or advisable?
May 7, 2020 Catastrophe Legislation & Regulation
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