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Underwriter’s Loss From Hurricanes Harvey And Irma Greater Than Expected

Lloyd’s of London underwriter Hiscox Ltd estimated on Monday that it would face net claims totalling about $225M from Harvey and Irma, as insurers and reinsurers count the cost of the hurricanes.
October 2, 2017 Catastrophe Property Florida Texas

Harvey’s Coverage Issues: Claims And Litigation

“Harvey raises many coverage issues ranging from occurrence limits to application of sub-limits and deductibles, to business interruption claims where there is no physical damage to insured property."
September 28, 2017 Catastrophe Litigation Property Texas

Catastrophes And ‘Do Little’ Syndrome

Cliff Treese of Association Data brought some statistics to my attention involving earthquake (EQ) insurance in California. Going back as far as 2001, the percentage of properties without EQ insurance were: Homeowners 84-88%, Dwelling 95-97%, and Commercial 89-93%.
September 26, 2017 Catastrophe Property California

Puerto Rico’s Losses From Hurricane Maria May Top $72 Billion

As Puerto Rico continues to plead for more aid from federal agencies, catastrophe-modeling firm AIR Worldwide says the storm could result in up to $72 billion in losses on the island.
September 26, 2017 Auto Catastrophe Excess & Surplus Lines Property

Drones Are More Helpful Than Ever In Hurricane-Ravaged Texas And Florida

Unmanned aircraft — small and large — swooped in during the aftermath of Hurricanes Irma and Harvey to get a glimpse of the devastation. That’s why insurance companies have been using drone technology more than ever before to quickly — and safely — assess damage from the storm.
September 25, 2017 Catastrophe Property Risk Management Technology Florida Texas

FEMA: Flood Insurance Claims For Irma Near 17,000 In Florida

If your home or business was damaged by storm surge or flooding during Hurricane Irma, National Flood Insurance Program director Roy Wright wants you to know how to get as much money as you can as quickly as possible.
September 25, 2017 Catastrophe Property Florida

Allstate Estimates $593M In Losses From Harvey

Allstate expects insurance losses of about $593 million in August after Hurricane Harvey left a path of destruction along the Gulf Coast. The initial accounting Thursday follows warnings from other insurers that are tallying the damages from a hurricane season that is nowhere near being over.
September 22, 2017 Auto Catastrophe Property Louisiana Texas

Irma Insurance Claims Already Near $2 Billion

With 335,000 insurance claims representing $1.9 billion in property losses, Hurricane Irma already has exceeded the claims and losses from the two hurricanes that pummeled Florida last year, the state Office of Insurance Regulation reported Monday.
September 20, 2017 Auto Catastrophe Property Florida Georgia North Carolina South Carolina

Hurricane Maria Hammers Puerto Rico With Force Not Seen In Modern History

Hurricane Maria roared ashore on Puerto Rico on Wednesday as the strongest storm to strike the island in more than 80 years while panicked residents fled to high ground and huddled in shelters hoping to withstand powerhouse winds that have already left death and devastation across the Caribbean.
September 20, 2017 Catastrophe Property

More Than 200 Dead After 7.1 Magnitude Earthquake Strikes Mexico

At least 217 people are dead after a 7.1 magnitude earthquake rocked central Mexico Tuesday afternoon, hitting on the 32nd anniversary of the biggest earthquake to ever strike the country’s capital.
September 20, 2017 Auto Catastrophe Property

Hurricane Maria: What We Know, Where It’s Going Next

Hurricane Maria pounded the small island of Dominica with catastrophic winds on Monday night. The storm is charging into the eastern Caribbean threatening islands wrecked by Irma. Maria’s top sustained winds were 160 mph on Tuesday morning.
September 19, 2017 Catastrophe

Shortage Of Independent Adjusters Leads To Highest Fees Ever Paid

Independent adjusters in Florida might have their work cut out for them — with numerous Hurricane Irma-related claims being filed — but they look set to be compensated for their hard work with the region’s increased pay rates.
September 18, 2017 Catastrophe Property Risk Management Florida Texas

A $150 Billion Misfire: How Disaster Models Got Irma Wrong

Twenty miles may have made a $150 billion difference. Estimates for the damage Hurricane Irma would inflict on Florida kept mounting as it made its devastating sweep across the Caribbean. It was poised to be the costliest U.S. storm on record.
September 15, 2017 Catastrophe Property Florida

Harvey, Irma Damage Reaches Nearly $300 Billion

Preliminary data on the total cost of damage caused by Hurricanes Harvey and Irma is finally coming in, and analysts are projecting hundreds of billions in losses thanks to the damage caused by both weather events.
September 15, 2017 Auto Catastrophe Excess & Surplus Lines Marine Property Florida Georgia South Carolina Texas

Large Corporate Claims From Hurricane Irma May Take Years To Settle

Insurance claims are already pouring in from policyholders with properties damaged by Hurricane Irma. The United States mainland sustained about $18 billion of insured loss, with the majority of damage seen in Florida, followed by Georgia, South Carolina, and Alabama, according to catastrophe modelling firm Karen Clark & Co.
September 14, 2017 Catastrophe Excess & Surplus Lines Litigation Property Alabama Florida Georgia South Carolina
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