As summer approaches along the Gulf and Atlantic coasts, residents prepare for the hurricane season ahead. The Atlantic hurricane season — June through November (though known to start as early as January in past years) — has devastated communities from Texas to New England, resulting in significant recovery costs.
With so many businesses and individuals affected by Hurricanes including Maria, Harvey and Irma in 2017, risk managers and insurers are looking to revised forecasts of this year’s hurricane season for a glimmer of hope that 2018 will not bring the same destruction.
The insurance industry has been adopting technology at an inspiring rate: Artificial intelligence, machine learning and blockchain enable simpler and faster quotes, more intelligent claims and a friendlier customer experience.
The wave of natural disasters that struck North America and the rest of the world last year led to an increase in insured losses seen in 2016 to $144 billion for 2017, according to a recent Swiss Re report. Yet the catastrophic year also led to a reckoning for property insurance pricing as rates continue to rise.
Climate risks are directly connected to supply chain risks that should be identified and mitigated as extreme weather events continue to become more severe and intense and cause rising business interruption losses, experts say.
Launched only 14 days ago, the new CRU VUE Roof Image Program is currently running 8 separate two-person teams across Ontario and will be adding another 4 teams in the coming week. Since initial roll-out, CRU VUE has already processed over 1000 claims providing high definition imagery without climbing roofs.
Does Canada’s property and casualty industry have enough resources in place to adjust major catastrophes that occur in tandem or right on the heels of each other?
The 2018 Atlantic hurricane season will officially begin on June 01. For the six months following, the country will be on high storm alert and many will have their fingers crossed the relatives of Hurricanes Harvey, Irma and Maria decide not to make landfall in 2018.
Back in 1998, the European Center for Medium-Range Weather Forecasts housed the 27th most-powerful supercomputer in the world, with 116 cores providing a maximum performance of 213 gigaflops.
A catastrophe report has found that the US re/insurance sector is on the hook for more than half of the total economic loss in April resulting from severe convective weather such as thunderstorms and tornados.
The massive hail storm that pummeled the northern Front Range a year ago generated nearly $900 million more in damage than first estimated, as claims from homeowners doubled in the months that followed.
The historic ice storm in Ontario and Quebec in mid-April could cost the insurance industry more than $150 million in damage claims, Verisk Analytics Inc.’s Property Claim Services unit reported Thursday.
In California, earthquakes are common, and most residents understand the risks of powerful reverberations destroying their homes and streets. But according to a new book from LA’s most famous seismologist, Lucy Jones, the state faces an even bigger threat: a megaflood that would pummel inland California.
