• Earthquake-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

  • 2011 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)

  • States 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

  • FEMA 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

  • Australia’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

  • Disaster scams on the rise

    In the immediate aftermath of natural disasters, fraudsters have increasingly rushed in to take advantage of the outpouring of charitable donations; speaking on a panel at an international symposium on organized fraud in Australia, the Department of Justice’s deputy chief for strategy and policy in the Fraud Section of the Criminal Division, said scammers had websites for fake charities in place before predicted disasters had even hit

  • Republicans agree to move quickly on emergency FEMA funds

    Top Republican lawmakers say they will move quickly to pass President Obama’s request for emergency aid for victims of recent natural disasters like Hurricane Irene

  • 2011 disasters cause $55 billion in damages in U.S.

    This year’ natural disasters could cost the United States as much as $55 billion; prior to Hurricane Irene, the National Oceanic and Atmospheric Administration’s National Climatic Data Center estimated that the nine major natural disasters to hit the United States earlier this year caused an estimated $35 million in damages

  • Insurance to cover little of Irene's damage

    Hurricane Irene could be one of the ten costliest disasters in the history of the United States and since much of the damage was caused by flooding, insurance will cover little; in previous storms, insurance companies usually cover about half the total losses, but according to the Kinetic Analysis Corporation, insurers will likely cover less than 40 percent of costs

  • Hurricane's damage estimated at $7 billion

    One private estimate put damage along the coast at $7 billion, far from any record for a natural disaster; most attention was paid to the shore during Irene’s slow ride up the East Coast, but it was inland — even hundreds of miles inland — that the storm’s most serious devastation actually occurred and most of the damage was done by water, not wind; the death toll climbed to thirty-five people in ten states after a number of bodies were pulled from the floodwaters in the Northeast

  • Earthquake insurer seeks to diversify risk

    In an effort to diversify its risk and expand earthquake coverage, the California Earthquake Authority (CEA), an insurance provider, has begun issuing bonds; the company says the initial bond issuance is part of its larger goal to expand the number of homes it covers

  • Disasters take toll on PartnerRe’s profits

    On Monday PartnerRe Ltd., the international reinsurer, announced that its second quarter earnings fell 35 percent as a result of the devastating natural disasters that struck around the world

  • Missouri Governor pledges $25 million for flood relief

    On Tuesday, Missouri Governor Jay Nixon pledged $25 million in state aid to help cities and counties rebuild following crippling floods throughout the southern half of the state; it is unclear whether the state will be forced to make budget cuts in order to afford the disaster spending; on Monday President Obama issued a major disaster declaration for five Missouri counties; under the declaration residents of the five counties are eligible to apply for federal assistance for the costs of temporary housing, home repairs, and loans to cover uninsured losses

  • World's largest reinsurer posts lower losses than expected

    The world’s largest reinsurer, Munich Re, posted smaller than expected losses for the first quarter of this fiscal year; the insurance giant warned investors for a “clearly negative” quarter as a result of insurance claims following the devastating earthquakes in Japan and New Zealand this year; but, its net losses were mitigated in large part by smaller tax bills as a result of the natural disasters; industry analysts expected the reinsurance giant to post a loss of roughly 1.6 billion Euros ($2.28 billion), however the firm defied expectations posting a net loss of 947 million Euros thanks to a favorable tax gain of 612 million Euros due to its quarterly losses