2017 Atlantic hurricane season News

Big Insurers Brace for Perilous Future as Climate Risks Escalate

After one of the worst Atlantic hurricane seasons in history, the world’s biggest insurers say the industry needs to get its act together if it wants to survive climate change. Insuring against weather natural disasters could reach unaffordable levels for …

AGCS Report: As Hurricanes Increase in Severity, Costs Balloon

A new report by Allianz Global Corporate & Specialty (AGCS) outlines how increasingly destructive storms and their extraordinary costs are becoming a “new normal” in the U.S. The average amount paid for extreme events, including windstorms, by insurers between 1980 …

Prepare for the Storm of Construction Claims From the 2017 Hurricane Season

The aftermath of this year’s hurricanes includes massive reconstruction across the impacted areas, which in turn creates an increased possibility for construction defect claims that would affect the liability insurance market. When Hurricane Harvey swept over large portions of Texas, …

AIG Earnings Miss Estimates on Storms

Even with one of the costliest hurricane seasons on record, large insurers in the U.S. tended to post third-quarter results that topped Wall Street’s estimates. The exception is American International Group Inc. AIG announced Thursday that its loss for the …

Tropical Depression Raises Gulf Coast Hurricane Threat

A tropical depression that could grow into a hurricane is forecast to strike the U.S. Gulf Coast late Sunday, potentially shutting down offshore oil and natural gas rigs and dealing another blow to citrus growers. The system off the Nicaraguan …

Florida’s Hurricane Irma Debris Could Linger for Months

Officials across the state of Florida say the cleanup of debris left in Hurricane Irma‘s wake could last until the end of hurricane season. In the hard-hit Florida Keys, Monroe County officials say 400 members of the Florida National Guard …

Hurricane Season Isn’t Over Yet as Action Shifts to Sandy’s Cradle

Harvey, Irma and Maria have written new chapters into Atlantic hurricane history this past month, but the story isn’t over. Storms certainly will keep coming as the action now shifts to the western Caribbean Sea – Sandy’s birthplace. Storms Lee …

Poll: Few American Commit to Disaster Preparedness

Following hurricanes Harvey and Irma, the Property Casualty Insurers Association of America (PCI) is encouraging Americans to increase their commitment to natural disaster preparation. A poll taken prior to the storms found that fewer than one quarter of Americans have …

Hurricane Maria Destroys Homes, Causes Flooding in Puerto Rico

The strongest hurricane to hit Puerto Rico in more than 80 years destroyed hundreds of homes, knocked out power across the entire island and turned some streets into raging rivers Wednesday in an onslaught that could plunge the U.S. territory …

As Recovery Begins, Industry Tallies Irma’s Mounting Costs

With two Florida landfalls in the same day, Hurricane Irma‘s destructive wind and flood damage could cost up to $65 billion for both insured and uninsured losses, according to a recent estimate by CoreLogic. Residential property flood loss is estimated …