insured losses News

California Wildfire Insurance Claims Top $11.4 Billion

Insurance claims from California’s deadly November 2018 wildfires have topped $11.4 billion, making the series of fires some of the most expensive in state history, officials said Monday. The latest tally adds to growing concerns about the future availability of …

Willis Re: Several Catastrophes Led to Average Insured Losses in 2018

Insured losses from major natural catastrophes in 2018 totaled roughly $71.5 billion, only slightly more than the annual average since 2011 but the third-highest total during the eight-year period, according to the Summary of Natural Catastrophe Events 2018 report, published …

Georgia Hurricane Michael Insured Losses Near $700M

Georgia’s insured losses from Hurricane Michael have climbed to more than $696 million, with insurers reporting approximately 68,000 claims filed as of the end of October, according to a press release from Insurance Commissioner Ralph Hudgens. The estimate is based …

Hurricane Florence Insured Losses Could Reach $4.6B

Hurricane Florence’s winds and storm surge caused $1.7 billion to $4.6 billion in insured losses along the U.S. Southeast coast, according to an estimate from Verisk Analytics Inc.’s catastrophe risk modeler AIR Worldwide. That doesn’t include the impact of record …

California Says Wildfires Are Making Home Insurance Unaffordable

More frequent and intense wildfires are making it harder for homeowners to find and keep insurance in California, a state regulator warned Thursday. “The problem of insurance availability is going to expand” after last year’s record-breaking wildfires, California Insurance Commissioner …

Disaster Losses Cut Q3 Berkshire Hathaway Profits by 43%

Warren Buffett’s Berkshire Hathaway Inc. said Friday that its third-quarter profit fell 43 percent because of a $1.4 billion insurance underwriting loss from Hurricanes Harvey, Irma and Maria and earthquakes in Mexico. The Omaha, Nebraska-based conglomerate owns Geico and several …

Insurers Downgrade Anticipated Profit Goals Amid Hurricane Losses

Allstate expects insurance losses of about $593 million in August after Hurricane Harvey left a path of destruction along the Gulf Coast. The initial accounting Thursday follows warnings from other insurers that are tallying the damages from a hurricane season …

Car-Dependent Houston Struggles Amid Harvey Losses

Bryan Harvey is frequently reminded that he shares a name with the hurricane that dumped 50 inches of rain on metropolitan Houston, Texas, and unleashed the floods that have him working 14-hour days towing water-logged cars. Even in their despair, …

Adjuster Tallies Harvey’s Price One Storm-Damaged Home at a Time

Craig Reeves had been in Rockport, Texas, barely 48 hours when he ducked into the gloomy threshold of the condominium, which was darkened by blinds pulled before Hurricane Harvey and filled with a humid, mildewy funk. Reeves, a catastrophe claims …

Buffett Says Hurricane Harvey Damage Will Linger

Billionaire Warren Buffett says the storm damage in Texas is staggering, but he isn’t sure yet how much insurance companies will have to pay in claims. Buffett’s Berkshire Hathaway conglomerate owns Geico and several other insurers, so his company will …