property insurance News

Wildfires Encircle Canada’s Oil-Sands City Amid Hot Weather

A ring of wildfires has erupted around Canada’s unofficial oil-sands capital of Fort McMurray, adding new threats to crude production from the world’s third-largest petroleum reserves. Eight out-of-control blazes have been discovered just south and southwest of the city since …

Biden Administration Raises FEMA Bar for Flood Resilience

The US Federal Emergency Management Agency (FEMA) has finalized a rule mandating that projects built using its funds not only take into account previous and current levels of local flood risk, but for the first time consider the future risk …

CSU Research Team Increases Atlantic Hurricane Forecast

Hurricane Beryl got the respected team of researchers at Colorado State University to rethink its forecast for the Atlantic hurricane season, which has already seen three named storms. CSU’s Department of Atmospheric Science now calls for an “extremely active” total …

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 …

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 …

California Wildfire Outlook: ‘A Challenging Season for Firefighters’

While the official start to California’s wildfire season is still a ways off, the best forecast of what’s ahead may be to look back on the year so far, and so far it’s been far busier for firefighters than last …

Report: Hurricane Beryl May Generate $1B-$1.5B in Insured Losses Across Windward Islands

Between $1 billion and $1.5 billion insurable losses may be seen across the Windward Islands from Hurricane Beryl, according to catastrophe modeler CoreLogic. The second named storm and first hurricane of the 2024 season made landfall over Carriacou Island of …

Record-Breaking Hurricane Beryl Is Getting Stronger on a Path to Grenada

Record-breaking Hurricane Beryl is intensifying as it churns through the Caribbean south of Grenada, where it’s forecast to unleash catastrophic winds, life-threatening storm surge and flooding rains. Beryl regained Category 4 strength after briefly weakening, the US National Hurricane Center …

Texas Health System Loses COVID-19 Business Interruption Suit – 5th Circuit

A Texas nonprofit health system who purchased a specialized commercial property insurance policy is not covered for business interruption losses caused by COVID-19, a 5th Circuit Court of Appeals panel ruled, relying on existing precedent that COVID-19 does not physically …