Terror / Disaster insurance

  • DisastersU.S. severe weather insurance losses in April nearly $1 billion

    A series of severe weather events across central and southern sections of the United States caused upward of $1 billion in insured losses. Economic losses were even higher during the month of April

  • British state-backed reinsurer has £4.5 billion to cover Olympic Games terror-related losses

    Pool Re, the British state-backed reinsurer which covers commercial property losses from  terror attack-related activities, has £4.5 billion ($7.327 billion) of assets to cover the Summer Olympic Games. Pool Re said it had no plans to jack up premiums for the event. If the damage from bombings or other terror-related incidents were to cost more than that amount, the British taxpayer, under the Pool Re structure, would step in to cover the difference. Pool Re was set up in the 1990s when the U.K. government was worried that the terror campaign pursued by Irish militant groups could make London property uninsurable and damage the national economy.

  • Disaster risksIndustrial, materials industry facing risks on global scale

    The struggling global economy and recent disasters, including the Thailand floods and Japan earthquake and tsunami, have forced the global industrial and materials industry to change the way it views and prioritizes resources for risk response

  • Disaster insuranceScale of 2011 disasters challenged established thinking on nature of risk

    New paper says that the scale of the catastrophes experienced in 2011 exceeded previous loss-modeling predictions and has challenged established thinking on the nature of risk; the paper says that, post-2011, companies need to re-examine their risk management strategies and introduce new methodologies to strengthen their operational and financial resilience

  • DisastersU.S. severe weather insurance losses breach $1.2 billion in March

    The estimated economic loss of a series of natural disasters in the United States in March reached approximately $2.0 billion, while insured losses are expected to breach $1.1 billion amid more than 170,000 insurance claims

  • Disaster insurance2011 disasters: $116 billion in insured losses, record economic losses of $370 billion

    Figures confirm that 2011 was the second-highest catastrophe loss year ever for the insurance industry: 2011 saw the highest economic losses in history, at $370 billion; the insurance industry experienced the second-largest insured losses ever, at $116 billion; 2011 also brought the highest insured earthquake losses, at $49 billion; flooding in Thailand resulted in the highest insured losses ever for a single flood event, at $12 billion

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  • Disasters2011 disasters spur companies to improve data recovery

    As a result of the devastating natural disasters last year, businesses around the world have begun to take data recovery far more seriously

  • Disaster insuranceInsurance companies predict increase in premiums

    Even after all the flood waters have receded and power has been restored, New Jersey homeowners will still have to suffer the consequences of Hurricane Irene; according to insurance industry representatives and analysts, homeowners and businesses will likely see their insurance premiums increase over the next several years

  • Disaster insurance2011: costliest ever year for earthquakes, weather-related disasters

    A sequence of devastating earthquakes and a large number of weather-related catastrophes made 2011 the costliest year ever in terms of natural catastrophe losses; at about $380 billion, global economic losses were nearly two-thirds higher than in 2005, the previous record year with losses of $ 220 billion

  • Disaster insuranceEarthquake-prone regions are underinsured

    New study finds that much of the world is still underinsured against earthquake risk; underinsurance is often due to low risk awareness in earthquake-prone areas; earthquake models should consider secondary-loss factors more comprehensively

  • Disaster insurance2011 natural disasters cost U.S. insurers more than $32 billion

    2011 saw U.S. government set record for disaster declarations; the severity of the disasters set a record as well, with twelve separate billion-dollar weather/climate disasters in 2011, with an aggregate damage total of approximately $52 billion (this number reflects both insured and uninsured losses)

  • Dependent statesStates over reliant on FEMA aid for small disasters

    This year’s unprecedented number of major natural disasters including Hurricane Irene, the record number of tornadoes, and the floods along the entire Mississippi and Missouri rivers strained the Federal Emergency Management’s (FEMA) coffers, but the number of relatively minor disasters that were declared as “major disasters” pushed FEMA resources beyond their limit; some critics say this trend needs to stop

  • Disaster reliefFEMA chief: agency to recover $1 billion for disaster relief fund

    Testifying before the House Homeland Security Subcommittee last week, Federal Emergency Management Agency (FEMA) administrator Craig Fugate said the agency expects to recover about $1 billion from its disaster relief projects this fiscal year

  • Disaster insuranceAustralia’s disasters cost insurers $25.6 billion

    The series of disasters that struck Australia this year including the Queensland floods, Cyclone Yasi, and the New Zealand earthquake has hit local insurers particularly hard with a combined loss of $25.6 billion

  • U.S. intervention hinders disaster recovery, says reinsurance giant

    Lloyd’s of London, the largest reinsurer of U.S. risk, said the federal government’s intervention in the insurance market could hinder recovery efforts following natural disasters; “We don’t believe that the U.S. has the balance between industry and government intervention right, you have government intervention in federal and state level, it demonstrates this is not a sustainable way to proceed,” said Lloyds general counsel