catastrophe News

AIG’s No. 2 Is Fighting to Turn Around the House That Hank Built

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 …

Insured Losses from Riots Reach ‘Catastrophe’ Levels, May Rival Record

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 …

Viewpoint: AIR Worldwide’s Perspective on Flattening the COVID-19 Curve

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, …

Public Pressure Growing for Insurers to Be Part of Coronavirus Solution

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 …

Americans Are Paying $34 Billion Too Much for Houses in Flood Plains

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 …

California Eyes Climate Bond to Prepare for Disasters

SACRAMENTO, Calif. — In a state burdened by billions of dollars in wildfire damage, California lawmakers are hoping for an advance loan before the next climate-fueled catastrophe hits. Lawmakers in the Democratic-dominated state Legislature return to work Monday for the …

Moody’s Says Wildfire Catastrophe Losses the New Normal in Calif.

California had long been a good bet for homeowners’ insurers, with most carriers having no problem recouping paid losses through premiums. But in 2017 and 2018, the state experienced six of the 10 most destructive wildfires in its history and …

Munich Re Tool Allows Fast Post-Disaster Damage Assessments

Munich Re had teamed up with a unit of the National Insurance Crime Bureau to offer insurance carriers an analytics tool that can quickly assess property damage after natural catastrophes and speed up claims payments. Roman Buegler, head of Munich …

Congress Passes $19 Billion in Disaster Aid, Sends Bill to Trump

The House cleared a $19 billion disaster-aid plan for areas hit by hurricanes, Midwest floods and California wildfires on Monday after months of negotiations and a final delay of more than a week caused by Republican objections. The bill, passed …

Senate Passes $19.1 Billion Relief Package for Natural Disasters

The Senate passed a $19.1 billion disaster-aid plan Thursday for areas hit by hurricanes, Midwest floods and California wildfires after lawmakers resolved months of disagreement over funds for Puerto Rico. President Donald Trump said he supports the bill. The 85-8 …