losses News

Just a Category 1 Hurricane? Don’t Be Fooled by A Number

Here’s a troubling phrase hurricane forecasters hate but often hear: “It’s just a Category 1. Nothing to worry about.” Or even worse: “Tropical storm? Just some wind and rain.” But look at Hurricane Beryl, which hit Texas this week as …

Report: Impact of BEC Attacks on U.S. Companies Misunderstood

A new report asserts the impact of business email compromise incidents on U.S. companies is likely underestimated and misunderstood—and it shows that multifactor authentication and cybersecurity awareness programs may be the top two risk management controls to prevent BEC attacks. …

Insurers See Minimal Impact From Hurricane Beryl, but They’re Bracing for an Active Season

Insurers’ losses from Hurricane Beryl will be “low and readily absorbed” and the storm is not expected to change pricing conditions in the P&C and reinsurance sectors, Moody’s Ratings said. Beryl made landfall along the Texas coast as a category …

Damage From Hurricane Beryl May Cost Insurers $2.7B in U.S., Modeler Says

Insurers in the United States may take a hit of about $2.7 billion from damage caused by Hurricane Beryl, catastrophe modeling company Karen Clark & Co. said on Thursday. About 1.5 million customers remained without power in Texas on Wednesday, …

The Biggest Cargo Claims Challenges This Year

Cargo claims are an inevitable part of the shipping industry, but the challenges associated with these claims are getting both more complex and frequent this year. From increasing technological advancements to the complexity of global trade, the freight insurance industry …

Economic Loss in U.S. From Beryl Between $28B and $32B, Report Shows

Total damage and economic loss from Hurricane Beryl in the U.S. is expected to be between $28 and $32 billion, according to preliminary estimates from AccuWeather. Beryl, the earliest Category 5 hurricane on record in the Atlantic, brought numerous tornadoes …

Houston Set for Dangerous Heat as Power Outages Top 2 Million

Houston is set for a dangerous bout of heat as more than 2 million homes and businesses remain without power in the area around the nation’s fourth-largest city after Hurricane Beryl’s battering. The region is under a heat advisory, with …

Underground Climate Change: Property Insurance Coverage for an Emerging Risk

Heat emanating from basements, train tunnels, sewers and other underground systems in major metropolises in the U.S. and Europe is heating the ground between city surfaces and the bedrock. The temperature increase reaches as high as 27° Fahrenheit in some …

Report: Insured Losses from Beryl in Jamaica and Caymans $400M-$700M; Mexico’s Yucatan Less Than $1B

Insurable losses from Hurricane Beryl across Jamaica and the Cayman Islands will be between $400 million and $700 million, while estimated insurable losses in Mexico’s Yucatan Peninsula are also less than $1 billion, according to catastrophe modeler CoreLogic. CoreLogic’s estimated …

Crypto Hacking Thefts Double to $1.4B in First Half of 2024, Researchers Say

The amount of cryptocurrency stolen in hacks globally more than doubled in the first six months of 2024 from a year earlier, driven by a small number of large attacks and rising crypto prices, blockchain researchers TRM Labs said on …