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.
“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."
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%.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
