Insurance Covered $90B of Natural Disaster Losses in 2018, Leaving 60% Protection Gap

Article 0 Comments The economic costs of last year’s 394 natural catastrophe events came to US$225 billion with insurance covering US$90 billion of the overall total, creating the fourth costliest year on record of insured losses, according to an Aon report titled “Weather, Climate & Catastrophe Insight – 2018 Insight […]

Arch Capital Estimates Q4 2018 Catastrophe Losses Could Total $130M

Article 0 Comments Arch Capital Group Ltd. reported an estimated range of fourth quarter pre-tax losses of $110 million to $130 million from global natural catastrophes, including Hurricane Michael and California wildfires. These estimates are net of reinsurance recoveries and reinstatement premiums, said Bermuda-based Arch. This estimated range updates the […]

California Wildfire, Hurricane Michael Top List of 2018’s Costliest Natural Disasters: Munich Re

Article 0 Comments The costliest natural catastrophes occurred in the United States in 2018 with one of California’s devastating wildfires and Hurricane Michael topping the list, according to Munich Re. A report from Munich Re on last year’s natural disasters pointed to “clear indications” that man-made climate change is a […]

Florida Regulator Calls on Insurers to Handle Hurricane Michael Claims

Article 0 Comments Florida Insurance Commissioner David Altmaier is urging Florida insurers to close the more than 42,000 Hurricane Michael claims that remain open nearly three months after the storm. In a Dec. 19 memorandum to all property and casualty insurers authorized to do business in Florida referencing undisputed Hurricane […]

Florida CFO: Insurers Must Step Up Response to Hurricane Michael Claims

Article 0 Comments Citing a “troubling” number of Hurricane Michael-related consumer complaints and claims denials, Florida’s top financial regulator is urging insurers to respond more quickly and adequately to consumers recovering from the major storm that devastated the Florida Panhandle in October. Florida CFO Jimmy Patronis, who leads the Florida […]

Florida County Hit Hard by Michael Takes Out $50M Bond for Recovery

Article 0 Comments A county on Florida’s Panhandle has voted to take out a $50 million bond to help recover from Hurricane Michael. The News-Herald reports that Bay County Commission voted Nov. 20 to use the money to cover debris removal, stormwater system repair, and other work. FEMA is expected […]

Typhoon Yutu Pummels Philippines; Landslides Trap 30 with at Least 7 Dead

Article 0 Comments About 30 people were trapped in northern Philippine buildings buried by landslides caused by heavy rain from Typhoon Yutu, according to the disaster-monitoring agency. Local media is reporting at least seven dead. The buildings in Natonin town in Luzon’s Mountain Province were buried when the landslides struck […]

Typhoon Yutu Slams into Philippines, Traveling Path of Super Storm Mangkhut

Article 0 Comments Typhoon Yutu slammed into northern Philippines on Tuesday and is traveling a path similar to last month’s super storm Mangkhut that killed at least 82 people and damaged about $500 million of farm output in the Southeast Asian nation. More than 10,000 people were moved to safer […]

Philippine Authorities Move People to Safer Grounds as Typhoon Approaches

Article 0 Comments Philippine authorities started to move people to safer grounds as Typhoon Yutu approaches, tracking a path similar to last month’s storm that devastated rice-producing provinces in the main island of Luzon. Yutu, which last week became the strongest storm since 1950 to hit the U.S. territories in […]

Super Typhoon Yutu Threatens Philippines’ Most Populous Island

Article 0 Comments Super Typhoon Yutu is set to rip into the Philippines’ most populous island with crushing winds, heavy rain and a dangerous storm surge late Monday into Tuesday, adding to the destruction it left in the U.S. Northern Mariana Islands last week. Yutu was about 449 miles (722 […]