Catastrophe Risks
New Report Suggests Reinsurers May Be Underestimating Climate Risk
While reinsurers are increasingly including the impacts of climate change in their decision making, they may be dramatically underestimating their exposure to climate risk, according to a new analysis. S&P Global estimates reinsurers may be underestimating their exposures to natural catastrophe risks by 33 percent to 50 percent. Learn More
Hurricane Nicholas Insured Losses Estimated at $950 Million
Insured losses resulting from Hurricane Nicholas should be close to $950 million, according to an estimate from catastrophe risk modeling firm Karen Clark & Company (KCC). The estimate includes privately insured damage to residential, commercial, and industrial properties and automobiles, according to KCC. Learn More
RMS Update Puts Hurricane Ida Losses at $31 Billion to $44 Billion
Catastrophe risk modeling firm RMS has updated its estimate of total onshore and offshore US insured losses resulting from Hurricane Ida at between $31 billion and $44 billion. The new estimate includes inland flooding impacts in the Ohio Valley, Mid-Atlantic, and Northeast US regions. Read More
AIR Worldwide Estimates Hurricane Ida Losses at Up to $30 Billion
Extreme event modeling firm AIR Worldwide has provided an updated estimate of insured losses from Hurricane Ida, projecting industry losses at $20 billion to $30 billion. The updated estimate includes Hurricane Ida's inland flood impacts across its entire track, including the Northeast. Read More
CCRIF SPC Makes Excess Rainfall Payout to Trinidad and Tobago
CCRIF SPC has paid out approximately $2.4 million to the government of Trinidad and Tobago following an August 18–20 rainfall event. The heavy rainfall resulted in flooding and landslides across southern and western Trinidad, making several roads impassable. Read More
Hurricane Ida Gulf Coast Insured Losses Estimated at Up to $35 Billion
Catastrophe risk modeling firm RMS estimates onshore and offshore US insured losses from Hurricane Ida in Gulf Coast states at $25 billion to $35 billion. The RMS estimate includes wind, storm surge, and inland flood losses across the Gulf Coast states in the landfall region: Alabama, Florida, Louisiana, and Mississippi. Read More
Survey Finds Pace of Employer Vaccination Mandates Accelerating
The pace of COVID-19 vaccination mandates by US employers is likely to increase, according to a recent survey by Willis Towers Watson. The survey also found that more companies will implement financial incentives to encourage vaccinations and will expand test requirements as they update plans to reopen workplaces. Read More