Moody’s Investor Service said Wednesday that wildfires in the U.S. West have caused $5 billion to $8 billion in insured losses so far — an amount that would make it the third-worst year for fire damage in U.S. history. The …
Some commercial property owners whose businesses were torched by rioters are learning that they don’t have enough insurance to clear away the debris. The StarTribune newspaper reported Monday that many property owners in the Minneapolis-St. Paul area purchased policies that …
Hurricane Laura is set to slam into the U.S. Gulf Coast early Thursday as an extremely powerful Category 4 storm, unleashing deadly storm surges, flash floods and destructive winds that could inflict as much as $25 billion in damages. Laura …
Insurer American International Group Inc racked up $730 million in COVID-19-related losses during the first half of the year, its chief executive officer said on Tuesday. The pandemic is a “formidable and ongoing catastrophe,” AIG CEO Brian Duperreault said during …
CAIRO — The U.N. environment chief said Wednesday that “time is running out” to avert an environmental, economic and humanitarian catastrophe from a deteriorating oil tanker loaded with 1.1 million barrels of crude oil that is moored off the coast …
American International Group Inc.’s Peter Zaffino drew a clear line ahead of his jump to the insurer almost three years ago. “I didn’t want any advice,” Zaffino, AIG’s president, said in a rare sit-down interview. “I needed to see things …
Rioting that erupted in cities across the United States after the Memorial Day death of George Floyd in Minneapolis may rival the 1992 Los Angeles riots to become the most costly civil disorder in United States history. The civil disturbance …
By now, you’ve heard the phrase “flatten the curve” numerous times to describe slowing the growth of the COVID-19 outbreak. Flattening the curve is critical to avoid overwhelming our healthcare infrastructure (you’ve almost certainly seen stories about shortages of masks, …
While legislators in Washington D.C. and states try to fashion financial relief for businesses interrupted by the public health actions related to coronavirus, outside pressure is mounting on private property/casualty commercial insurers to do more than explain why insurance coverage …
At least 3.8 million U.S. homes lie in flood plains. Together, they may be overvalued by $34 billion. New research published today in a National Bureau of Economic Research working paper shows that markets fail to incorporate risks from flooding …