hurricane losses News

Hurricane Dorian Leaves Bahamas With Estimated $7 Billion in Damages

Hurricane Dorian inflicted an estimated $7 billion in total insured and uninsured losses on the Bahamas, according to catastrophe risk modeling firm Karen Clark & Company (KCC). This includes building, contents, and business interruption exposures for commercial, residential and industrial …

Lloyd’s Reports $1.7B Paid for Hurricanes Harvey, Irma and Maria

The Lloyd’s market has paid claims worth $1.7 billion so far in response to hurricanes Harvey, Irma and Maria. Earlier this year Lloyd’s estimated a total commitment of $4.8 billion for the three storms. “With total net financial resources of …

Warming Seas Could Lead to 70% Rise in Hurricane-Related Financial Loss

If oceans warm at a rate predicted by the Intergovernmental Panel on Climate Change, the United Nation-sponsored group that assesses climate change research and issues periodic reports, expected financial losses caused by hurricanes could increase more than 70 percent by …

Citizens Estimates $1.23B In Insured Losses from Hurricane Irma

Hurricane Irma will generate up to 70,000 claims and approximately $1.23 billion of insured losses to Citizens Property Insurance Corporation over the next 18 to 24 months, according to initial estimates presented to Citizens Board of Governors on Wednesday. Chris …

North Carolina House Panel OKs Debt Option to Pay Catastrophic Claims

The state-sanctioned property insurance program in North Carolina coastal counties could borrow to pay for extreme catastrophic losses from hurricanes in legislation making its way through the General Assembly. The House Finance Committee recommended Thursday legislation creating a public authority …