economic losses News

Laura Is Poised to Become a ‘Catastrophic’ Category 4 Hurricane

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 …

Forest Fires Cost Indonesia $5.2 Billion in Economic Losses

A deadly spell of forest fires in Indonesia’s main palm oil producing regions earlier this year may have cost the country $5.2 billion in economic losses, according to the World Bank. The fires, the worst since 2015, torched about 620,201 …

Colorado Mine Spill Losses Significantly Reduced

Economic damage from a Colorado mine waste spill caused by the U.S. Environmental Protection Agency may be far less than originally feared after attorneys drastically reduced some of the larger claims, The Associated Press has learned. Farmers, business owners, residents …

Aon: Matthew Caused $15B Impact on U.S., Caribbean Economies

Total U.S. economic losses from Hurricane Matthew were forecast to range as high as $10 billion, while public and private insurance losses were estimated to possibly reach $5 billion, according to Impact Forecasting. Aon Benfield’s catastrophe model development team released …

Judge Rules Against BP in Recovery of Spill Damage Overpayments

BP Plc can’t recover hundreds of millions of dollars it claims to have overpaid some victims for economic losses from the 2010 Gulf of Mexico oil spill, a U.S. judge said. After the court revised the method for calculating such …

California Court Finds That Bad Cooking Odors Didn’t Result in Property Damage

An interesting issue came before the U.S. District Court for the Northern District of California recently. In Travelers Property Cas. Co. of America v. Mixt Greens, Inc., 2014 WL 1246686 (March 25, 2014), litigation was brought because the ventilation system …

Superstorm Sandy’s Impact on Small Businesses Still Felt

When suburban New York delicatessen owner P.J. Whelan heard the findings of a Federal Reserve Bank of New York poll released Monday on Superstorm Sandy’s effect on small businesses, he began nodding in agreement. “They got those numbers right,” the …

U.S. Freeze Costs $3.5B, Causes Burst Pipes, Crashes: Aon

Winter storms that brought heavy snowfall, freezing rain and Arctic air to the U.S. last month will probably cost more than $3.5 billion in economic losses, according to insurance broker Aon Plc. Insurers estimated losses of more than $1.4 billion …

Winter Weather Drives Insured Losses in Excess of $1.5B: Impact Forecasting

The various winter storms that brought snow and bitter cold to the United States in January took more than 50 lives and are expected to result in direct economic losses of about $3.5 billion and insured losses of more than …

Swiss Re Risk Officer Says Uninsured Disaster Losses Are Growing

Natural catastrophes are growing more costly and uninsured losses are increasing, according to David Cole, chief risk officer of Swiss Re Ltd. “When they happen, they are more severe,” he said today at a presentation in Zurich. More losses occur …