Keyword
Hurricane Katrina
Bermuda’s global insurers, reinsurers could fund at least US$25 billion of insured losses from hurricanes
October 11, 2017 by Canadian UnderwriterBermuda market firms may fund at least a quarter of the estimated US$100 billion in aggregate insured losses from hurricanes Harvey, Irma and Maria, suggest preliminary aggregated loss estimates from the Association of Bermuda Insurers & Reinsurers (ABIR). “Based on…
Coalition urges ‘substantive reforms’ to U.S. National Flood Insurance Program
September 11, 2017 by Canadian UnderwriterAs 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…
NFIP losses from Hurricane Harvey estimated to reach US$7-10 billion: RMS
September 5, 2017 by Canadian UnderwriterGross losses accrued in the National Flood Insurance Program (NFIP) from Hurricane Harvey will be between US$7-10 billion, Pete Dailey, vice president of product management with Risk Management Solutions, Inc. (RMS), suggested in a blog posted on Friday. About 40%…
National Flood Insurance Program contributes to ‘development in flood prone areas,’ NWF executive testifies
June 12, 2017 by Canadian UnderwriterPrivate insurance companies in the United States are “clamouring” to write flood risk for properties while the nation’s National Flood Insurance Program encourages development in floodprone areas and needs to be “significantly reformed,” speakers recently told a committee of the…
Aon unit pegs economic loss from Matthew at US$15 billion
April 24, 2017 by Canadian UnderwriterHurricane Matthew, which is estimated to have caused $150 million in economic losses in Canada alone and killed more than 600 in the Western hemisphere, set several records, Impact Forecasting LLC said in a report released Monday. Hurricane Matthew officially…
Flood insurance reform bill re-tabled in U.S. congress
March 8, 2017 by Canadian UnderwriterA bill aimed at increasing participation by the private sector in the flood insurance market in the United States was tabled Wednesday in the House of Representatives, a U.S. congressman from Florida announced. The Flood Insurance Market Parity and Modernization…
Two U.S. dams illustrate challenge of maintaining older designs
February 22, 2017 Michael R. Blood - THE ASSOCIATED PRESSLOS ANGELES – Twelve years ago, widespread destruction from Hurricane Katrina on the Gulf Coast helped compel federal engineers 2,000 miles away in California to remake a 1950s-era dam by constructing a massive steel-and-concrete gutter that would manage surging waters…
Dozens injured in tornadoes across southern Louisiana
February 8, 2017 Kevin McGill - THE ASSOCIATED PRESSNEW ORLEANS – Brittany Ross remembers she was savoring the smell of her aunt’s simmering white beans when the storm that injured about 40 people in southeastern Louisiana hit. “The place started shaking, kind of twisting,” she said Tuesday as…
Total insured value of U.S. residential and commercial coastal properties now exceeds US$13 trillion: AIR
November 11, 2016 by Canadian UnderwriterThe total insured value of exposed residential and commercial properties in coastal counties in the United States now exceeds US$13 trillion, according to a new report from AIR Worldwide. The catastrophe risk modelling firm released the report titled The Coastline…
Business interruption payouts should be based on historic results even in post-disaster economy: AEIC speaker
October 11, 2016 by Angela StelmakowichThe Fort McMurray wildfire will likely raise questions about the basis for business interruption (BI) insurance payouts in a post-catastrophe economy, but historic results are the best indication of what otherwise would have occurred, Emily Stock argued during the 43rd…
Louisiana flooding leaves 100,000 insured vehicles damaged: NICB
September 1, 2016 by Canadian UnderwriterThe August downpours that dumped more than 30 inches of rain in two days on parts on Louisiana have left as many as 100,000 insured cars and trucks damaged, the National Insurance Crime Bureau (NICB) in the United States said…
Nearly 60,000 single-family homes in New Orleans to move out of special flood hazard areas by end of September: CoreLogic
August 30, 2016 by Canadian UnderwriterNearly 60,000 single-family homes in New Orleans with a reconstruction cost value (RCV) of more than US$12 billion will move out of Special Flood Hazard Areas (SFHAs), according to updated maps published by the Federal Emergency Management Agency (FEMA). Officially…