Fluctuating loss ratios and an evolving mix of crops in Canada are two factors contributing to the difficulty in modelling crop risk in the country, AIR Worldwide said recently. Rebecca Arias, the catastrophe modelling firm’s product marketing manager, wrote in…
While residents of Mendocino County have been allowed to return home after deadly wildfires destroyed property in California, AIR Worldwide is warning the situation “remains extremely volatile” in the region. As winds moderated on Sunday, “firefighters were able to make…
Low insurance penetration rates across Mexico, particularly in residential lines, has prompted RMS to issue a preliminary estimate that insured losses from the Puebla earthquake in central Mexico on Sept. 19 will not exceed US$1.2 billion. “This estimate accounts for…
Hurricane Maria is causing river levels to approach or exceed record levels in the United States territory of Puerto Rico, while Hurricane Irma could cause total economic losses of up to US$95 billion in the U.S. and the Caribbean, catastrophe…
Flood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of…
As Tropical Storm Irma moves north through Florida, a group whose members include insurers is urging American politicians to reform the National Flood Insurance Program, which expires Sept. 30. SmarterSafer announced Sept. 7 it “continues to support a reauthorization of…
Property losses from flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between US$65 billion and US$75 billion, catastrophe modelling firm AIR Worldwide estimated in a press release issued late Wednesday. The estimate includes damage to all properties…
Insured flood loss for homes in Texas and Louisiana affected by Hurricane Harvey is estimated to be between US$6.5 billion and US$9.5 billion, according to preliminary loss estimates from CoreLogic. Irvine, Calif.-based CoreLogic, a global property information, analytics and data-enabled…
The president and CEO of the Property Casualty Insurers Association of America (PCI) is calling on the U.S. Congress to pass at least a six-month extension of the National Flood Insurance Program (NFIP). David A. Sampson said in a press…
Harvey-related winds and storm surge in Texas are expected to produce industry insured losses amounting to between US$1.2 billion and US$2.3 billion, AIR Worldwide reported Monday afternoon as flooding in southeastern Texas continued to strand residents and wreak havoc. Included…
Catastrophic and life-threatening flooding persisted over parts of southeastern Texas as of early Monday morning despite Harvey being downgraded from an anticipated Category 3 hurricane to a tropical storm. “Do not attempt to travel in the affected areas if you…
More than 200,000 homes along the coast of Texas with a reconstruction cost value (RCV) of approximately US$39.6 billion are at potential risk of storm surge damage from Hurricane Harvey, CoreLogic suggested late Thursday. Irvine, Calif-based CoreLogic, a global property…