property insurance News

Europe’s Wildfires in 2023 Were Among Worst This Century: Report

The 2023 wildfire season in the Europe was among the worst this century, according to a European Commission report published on Wednesday. Last year, more than half a million (504,002) hectares, an area twice the size of Luxembourg, was scorched …

US Wildfires Are Getting Bigger and More Complex, Prompting Changes in Firefighting

It’s shaping up to be a long wildfire season, with Texas already seeing its largest blaze in recorded history and firefighters becoming overwhelmed with recent blazes in Virginia. Just in the first three months of the year, more than 2,669 …

California Lawmakers Introduce Disaster Resiliency Bill to Aid State’s Insurance Issues

California representatives Mike Thompson (D-CA) and Doug LaMalfa (R-CA) introduced the Disaster Resiliency and Coverage Act of 2024. H.R. 7849 would provide homeowners in disaster-prone regions with incentives to harden their properties against wildfires and other risks. The legislation is …

Taiwan Property Insurers Likely to Remain Profitable Despite Quake Losses: GlobalData

The 7.2 magnitude earthquake that struck Taiwan’s east coast on April 3 caused substantial damage, particularly in Hualien with collapsed buildings and infrastructure disruptions. However, insurers are expected to weather the financial impact well, according to GlobalData, the London-based data …

NY Area Rattled by 4.8 Magnitude Quake, Followed by Aftershock

The New York area’s strongest earthquake in 140 years rattled northern New Jersey on Friday morning, shaking office buildings in Manhattan and snarling travel. The preliminary 4.8-magnitude temblor was the strongest in the New York area since 1884, according to …

Severe Weather Spawns Tornado, Damage and One Death in South, Midwest

Thousands of homes and businesses were without power this week as severe weather roared through several states, causing at least one death and spawning possible tornadoes. Parts of Ohio, Pennsylvania, Kentucky, Mississippi, Alabama, Tennessee, West Virginia, Virginia and Georgia were …

Another Report Forecasts 2024 Atlantic Basin Hurricane Season to Be ‘Extremely Active’

A 2024 Atlantic hurricane season forecast calls for 23 named storms, 11 hurricanes and five major hurricanes. This is the 41st year Colorado State University’s tropical meteorology project has made forecasts of the upcoming season’s Atlantic basin hurricane activity. Accuweather …

Georgia’s Latest Effort on Plaintiff Demands Aims to Deter Bad-Faith Claims

Georgia lawmakers have approved two bills that could have a significant impact on windstorm and bad-faith claim losses for property insurers. First, the bad-faith reform legislation. Auto insurers have for years fought for changes to Georgia’s auto claims-handling statutes, after …

Fires From 2023 Smoldering Under Snow Reveal Canada’s Dangerous New Reality

As skiers glide down the slopes of British Columbia’s Whistler Mountain and ice fishers drop their lines into frozen lakes in Alberta, dozens of the fires whose smoke darkened North America’s skies last year are still burning — with some …

New Jersey Property Flood Risk Disclosure Law Going Into Effect

A New Jersey law requiring residential and commercial landlords and sellers of real estate to disclose any flood history and potential flood risks to prospective renters and purchasers goes into effect Wednesday, March 20. Prior to the adoption of the …