property losses News

P/C Insurers Report $1.7B Underwriting Loss in First 9 Months of 2016

Private U.S. property/casualty insurers suffered a $1.7 billion net underwriting loss in the first nine months of 2016-following a $7.3 billion net underwriting gain in nine-months 2015-and experienced a drop in net income after taxes to $31.8 billion from $44.1 …

Tennessee Wildfires Cause $842M in Insurance Claims

State officials say insurance claims have topped $842 million in the deadly eastern Tennessee wildfires that burned thousands of buildings. The Tennessee Department of Commerce and Insurance provided the number to the Knoxville News Sentinel. The department says as of …

Study Finds $600M Plus in Property Losses Averted by Coastal Wetlands

As communities across the Southeast U.S. and the Caribbean count the cost of flood damage during Hurricane Matthew, a study, Coastal Wetlands and Flood Damage Reduction, has quantified how much protection natural coastal habitats provide during hurricanes. Using the latest …

Chile Battles Huge Forest Fires

Residents of Chile’s capital are suffering from the worst levels of air pollution in 15 years because of fast-spreading forest fires near Santiago. Agriculture Minister Minister Luis Mayol says there are 47 forest fires still raging in the country. He …

Electrical Fires Highest in December

December is the deadliest month when it comes to home electrical fires, according to a recent consumer warning by Fremont Insurance. Fire deaths typically increase during the winter months as a result of increased indoor activity, holiday lighting, malfunctioning heaters …

High-Rise Developers Win Court Protection in 9/11 WTC Case

A federal appeals court in New York has given developers and builders of high-rises and other buildings added protection from lawsuits over property losses linked to terrorism, in a case stemming from the Sept. 11, 2001 attacks. A divided panel …

AIG Expects $1.3B in Losses Related to Hurricane

AIG estimates it will take $1.3 billion in losses related to Superstorm Sandy, more than other major insurance companies have reported so far. New York-based American International Group Inc. said Friday it will contribute about $1 billion to its U.S. …

Home Heating Fires Cause an Estimated $326M in Property Losses Each Year

Heating is the second leading cause and accounts for 14 percent of all residential building fires responded to by fire departments across the nation. From 2008 to 2010, an estimated average of 50,100 heating fires in residential buildings occurred in …

USFA: Clothes Dryer Fires Cause $35M in Property Losses

An estimated 2,900 clothes dryer fires in residential buildings are reported to U.S. fire departments each year and cause an estimated $35 million in property losses, according to a new report by the U.S. Fire Administration (USFA). The report, Clothes …

Chubb Q3 Disaster Losses Up to $475 Million

Property insurer Chubb Corp Wednesday warned it would report up to $475 million in pretax catastrophe losses in the third quarter, most of it coming from late August’s Hurricane Irene. Chubb said $300 million to $375 million of the $400 …