catastrophes News

Zurich Insurance Sees Best Chance to Raise Prices in 18 Years

Zurich Insurance Group AG expects to have more power to increase commercial insurance rates than it has seen in almost two decades as a shortage of supply and high natural catastrophe payouts help reverse declining premiums. “The last time this …

Financial Tug-of-War Emerges over Fire Victims’ Settlement

SAN FRANCISCO — A financial tug-of-war is emerging over the $13.5 billion that the nation’s largest utility has agreed to pay to victims of recent California wildfires, as government agencies jockey for more than half the money to cover the …

As Storms Threaten, Geospatial Intelligence Team Keeps Aircraft at the Ready

The 2019 Atlantic Hurricane Center has been challenging the ground rules for an insurance industry organization that dispatches pilots to take aerial photographs immediately after natural disasters. Usually, the Geospatial Intelligence Center doesn’t deploy aircraft or staff unless a Category …

No Panic in Hawaii After False Alarm about Missile Attack

Newswise — When Hawaiians received a false alarm text message that said “Ballistic missile threat inbound to Hawaii. Seek immediate shelter. This is not a drill,” in January 2018, the result was not panic, according to new research from the …

Disasters Caused Less Damage in 2013: Munich Re

Natural catastrophes like floods and storms claimed more than 20,000 lives and caused around $125 billion in damage worldwide in 2013, well below the average of the last decade, reinsurer Munich Re said on Tuesday. The world’s largest reinsurer said …

April Catastrophes Included Earthquakes in China, Iran; Hail, Floods in U.S.: Aon

An earthquake in China and two in Iran dominated global catastrophes in April. Additional earthquakes were recorded in Japan, Afghanistan and Hungary during the month. Parts of the U.S. suffered severe hail and flooding damage during April, although there were …

Disaster Fraud Concerns After Superstorm Sandy

As victims of Superstorm Sandy pick up the pieces of their lives and insurers wade through thousands of claims, industry and public officials are raising concerns about fraud. Since the storm, the National Insurance Crime Bureau (NICB) has issued two …

Handheld Device Speeds Restoration Process During Catastrophes

The day after Hurricane Irene hit, global recovery firm ServiceMaster’s call center averaged 1,100 calls a day but despite the heavy call load, the company was able to respond in a timely fashion—always important with water damage —thanks to a …

Tornado Has Cost Insurers $2.2 Billion in Joplin, Mo.

The tornado that devastated Joplin in May is expected to cost insurance companies about $2.2 billion. Property Claims Services, which determines insurance payouts for catastrophes, said Tuesday that figure includes payouts already made and projected payouts for the May 22 …

Swiss Re Sigma Study Examines Government/Private Sector Coverage

Swiss Re’s latest sigma study – “State involvement in private insurance” – examines the increasing symbiosis between governments and the private insurance sector. The report notes that “more and more governments are leveraging private insurance skills and the growing capacity …