Catastrophe Risks

Partnership Aims To Develop Insurance for Climate-Vulnerable Countries

September 26, 2023

Lloyd's, on behalf of the Sustainable Markets Initiative's Insurance Task Force, has entered into a partnership with the United Nations Capital Development Fund to scale insurance access for climate-vulnerable countries. The effort will initially focus on scaling solutions across Fiji and the Pacific Islands before expanding to other regions. Read More

Hurricane Idalia Insured Loss Estimated at $3 Billion to $5 Billion

September 7, 2023

Risk modeling firm Moody's RMS has estimated total private-market insured losses from Hurricane Idalia at between $3 billion and $5 billion, with a best estimate of $3.5 billion. The estimate represents insured losses resulting from wind, storm surge, and precipitation-induced flooding. Read More

Moody's RMS Estimates Maui Wildfire Insured Loss at Up to $4 Billion

August 25, 2023

Catastrophe risk modeling firm Moody's RMS has estimated economic losses from the Lahaina and Kula wildfires in Hawaii at $4 billion to $6 billion. Moody's RMS estimated that the burn footprints in Lahaina and Kula include insured property value ranging from $2.5 billion to $4 billion. Read More

Smaller Hawaii-Focused Insurers Could Face Greater Wildfire Impacts

August 24, 2023

Smaller insurers with a heavier concentration of business within Hawaii could experience more severe impacts to their capital plans, reinsurance, and enterprise risk management programs as a result of the Maui wildfires, according to A.M. Best. Inflation and supply chain issues could pose additional challenges. Read More

Lahaina Wildfire Insured Property Losses Estimated at $3.2 Billion

August 17, 2023

Insured property losses from the Hawaiian wildfire that devastated Lahaina on the island of Maui will likely reach approximately $3.2 billion, according to an estimate from Karen Clark & Company (KCC). More than 2,200 structures were damaged or destroyed in Lahaina by the most destructive wildfire in Hawaii's history. Read More