Climate change

U.S. homeowners are concerned about climate and insurance costs, according to Kin's Homeownership Trends Report.

AIG CEO Peter Zaffino to transition to executive chair and Eric Andersen named president and CEO-elect; InnSure launches climate risk incubator platform, plus more insurtech news.

Digital Insurance contacted insurance professionals to comment on the climate crisis and natural disasters.

Since the 1990s, American homes have been systematically underinsured in the event that they are completely destroyed.

The finance industry is relying on climate models that understate the speed at which temperatures are rising, according to a study by Britain's main association of actuaries.

Insured losses for so-called non-peak perils — also sometimes referred to as secondary perils — reached a record $98 billion last year, Munich Re said in a report released on Tuesday.

The impact of extreme weather remains top of mind for many, with a majority of homeowners citing it as a factor behind purchase or relocation considerations.

Three U.S. senators opened an inquiry into insurance ratings firm Demotech and whether its assessments may be exposing taxpayers to growing risks tied to climate-driven insurer failures.

A California realtors group reportedly pressured the real estate site to stop displaying climate risk scores for homes. The private provider of the scores defended the quality of its models and ratings, while consumer advocates called for standardized, publicly available climate risk data about homes for buyers.

The changing climate is increasing insurance rates for residents and cities and lowering property values in areas that face more frequent and intense disasters.

Under fire from consumer advocates after failures of new home insurers in the state, the ratings agency says its scores are meant to show an insurer's current health, and prospects for a maximum of one year. Reinsurance and the insurer's choice of policies being taken from the insurer of last resort can cause problems that surface later.

In a world assailed by extreme weather, homeowners and purchasers need to know their property's vulnerability to wildfire or flooding. Ratings like those Zillow took down are a big improvement on often outdated federal flood maps and state wildfire maps. 

Tanguy Catlin, an insurance industry expert at the consultancy, thinks insurance is failing to meet society's needs, but sees ways that insurtechs can help address its deficiencies.

Devastating floods have killed more than 1,300 people and caused at least $20 billion in losses since late last month across parts of South and Southeast Asia.

For years, academics and brokers have discussed whether cat bonds could do more than just clean up after disasters.

Global challenges demand coordinated international action and smarter regulation.

Representatives of the insurance industry called the proposal too speculative and prescriptive, while consumer and environmental advocates say it doesn't go far enough.

A rare thing is about to happen in the $55 billion market for catastrophe bonds: a trigger event will wipe out 100% of a bond's principal.

Edison International Chief Executive Officer Pedro Pizarro said it is likely that the company's utility equipment could be found to be associated with the start of the deadly Eaton Fire.

Hurricane Melissa thrashed Cuba, unleashing landslides and flooding in the nation's second-largest city.