Climate change

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A preliminary calculation from Accuweather put the estimated losses at $9 billion to $11 billion after more than 10 inches of rain fell in the mountains west of Los Angeles, making it one of the wettest two-day periods in 147 years, AccuWeather said.

Catastrophe bonds, which last year formed the basis for the best-performing hedge fund strategy, have been delivering gains that trounce those of other high-risk fixed-income products.

Commercial property insurance customers are concerned about climate risk, and most are willing to invest $20,000 or more to increase resilience.

While no single weather event caused more than $10 billion in losses for insurers last year, there were 37 thunderstorms that each cost at least $1 billion, according to a report by Aon Plc.

The Allianz Risk Barometer features the corporate concerns from over 3,000 risk managers worldwide.

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Ernst Rauch, chief climate scientist at Munich Re, says insurers are now having to rethink how they classify storms.

Digital Insurance reached out to insurance professionals about new and emerging risks.

In the quest for enhanced corporate sustainability, the integration of innovative technologies is ushering in a new era of reporting capability and transparency.

Digital Insurance reached out to insurance professionals about property and casualty trends to expect next year.

Insurers Chubb and QBE North America, as well as reinsurer Swiss Re, seek to educate insureds on how to mitigate risks of natural catastrophe damage.

Risk analytics essential to equip P&C insurers in California with the capabilities to precisely identify, evaluate and price risk.

Damage from severe thunderstorms — characterized by sudden downpours, fierce winds and hailstones — has been inching up by about 7% annually for 30 years, according to the analysis.

Insurers are feeling the effects of the climate crisis but only 8% are currently attacking climate change head-on with strategic and proactive initiatives, according to Capgemini research.

The Senate Budget Committee, which Whitehouse chairs, is requesting information related to maximum claims Citizens Property Insurance Corp., an insurer of last resort, can pay without having to levy assessments on Florida policyholders.

As insurers start to pull out from markets battered by the fallout of climate change, governments are increasingly at risk of having to foot the bill, according to the Bank for International Settlements.

Capco predicts a greater emphasis on collaboration between insurers and the DOI to ensure ongoing coverage for policyholders as the DOI will take on additional governance and responsibilities when partnering with insurers to protect insured individuals.

In a report published Monday, the International Association of Insurance Supervisors outlined key areas where supervisors can help improve the affordability, availability and uptake of insurance against natural disasters.

Climate change is driving an increasing reliance on electric vehicles and the means to charge them.