insured losses News

Insurer Hiscox Earmarks $150M For Hurricane, Flood Losses

Hiscox has set aside $150 million to cover losses linked to Hurricane Ida and floods in Europe, the insurer said, above analysts’ expectations, while it reported strong premiums written this year thanks to rising rates. The Lloyd’s of London insurer …

Hurricane Ida Damage Projections Reaching the Scale of Irma, Harvey and Sandy

Insured losses from Hurricane Ida are now creeping into the $30 billion range after catastrophe modelers added damage to properties in the Northeast, putting the catastrophe on par with Hurricane Irma and Harvey in 2017 and Superstorm Sandy in 2012. …

Ida v. Katrina in New Orleans: Fewer People, Better Levees, Smaller Storm Surge

Hurricane Ida and Hurricane Katrina in 2005 made landfall within 50 miles of one other and each carried 150 mph winds at one point, but the amount of death and destruction caused by the two storms was vastly different because …

Aon Says Natural Disaster Insured Losses for First Half of Year Hit 10-Year High

LONDON — Insured losses from natural disasters hit a 10-year high of $42 billion in the first half of 2021, with the biggest loss related to extreme cold in the United States in February, insurance broker Aon said on Wednesday. …

Swiss Re Says Secondary Perils Should Be a Priority Concern for Insurers

Swiss Re warned insurers Tuesday that secondary perils such as thunderstorms and wildfires are making up a growing share of the losses caused by natural catastrophes, even in a year that experienced an abnormally active North Atlantic hurricane season. The …

Never Mind COVID, 2020 Was a Catastrophe for US Insurers

In case you forgot, the year that just passed brought an unprecedented number of catastrophes — not to mention COVID-19. Three insurance industry reports issued this week chronicle just how bad 2020 was for property insurers. CoreLogic released a chronology …

Hurricane Zeta Insured Losses May Surpass $4 Billion

Insured losses from Hurricane Zeta, which became fifth named storm to strike Louisiana when it made landfall on Oct. 28, ranged from $1.5 billion to $4.4 billion, according to projections released Monday by two catastrophe risk modelers. Verisk subsidiary AIR …

AIR Worldwide and KCC Project Hurricane Sally Insured Losses From $1 to $3 Billion

Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses to onshore property resulting from Hurricane Sally’s winds, storm surge, and inland flood will range from $1 billion to $3 billion, with wind representing the majority of the losses. …

Moody’s Says Wildfire Losses May Hit $8B in a Year Marked by Catastrophes

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 …

Estimates of Insured Losses from Hurricane Laura Range from $4 Billion to $12 Billion

Although Hurricane Laura was the strongest cyclone to strike Louisiana since 1856, damages were limited because it made landfall in a relatively sparsely populated area and the highest winds were confined to a narrow band around the eye of the …