insured losses News

Sources: Insured Losses From Beirut Blast Seen Around $3 Billion

Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say. The blast on Tuesday, the biggest …

Tropical Storm Fay Leaves About $400M in Insured Losses Behind

Tropical Storm Fay managed to cause about $400 million in insured losses after coming ashore in Atlantic City, New Jersey on July 10 with 60 mph wind, even though it was downgraded to a tropical depression only nine hours after …

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, …