Natural disasters

Insurers in Australia are urging legislators to set up a A$30 billion ($21.4 billion) flood defense fund as the nation grapples with surging costs from extreme weather events.

Flood Re, a state-backed insurance program, now plans to "layer up" on cat bonds, said Chief Executive Officer Perry Thomas.

PacifiCorp has been lobbying across multiple states for laws that would effectively cap payouts to fire victims.

Imagine what a consortium of insurers, state and local governments, community leaders and technology providers could do working together.

The majority of insurance professionals responding to a predictions survey said they are expecting an increase in the frequency and severity of major climate events this year.

Insurance deserts are areas in which consumers and businesses struggle to pay for or secure coverage

The letter claims the flood insurance premium pricing change has made the product unaffordable, resulting in a large drop off in the number of policies.

A collection of stories related to the climate crisis from 2025.

Nearly 40,000 acres were burned in the Eaton and Palisades wildfires last January, killing at least 31 people and destroying 16,000 structures.

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

Fathom, acquired by Swiss Re in December 2023, provides flood hazard and terrain datasets that capture extreme outcomes.

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.

According to Swiss Re, 83% of losses were driven by the United States' LA wildfires and severe convective storms.

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.

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.

The insured costs of Hurricane Melissa's damages to onshore property in Jamaica now range between $2.2 billion and $4.2 billion, according to data firm Verisk Analytics Inc.

Of the 15 states most affected by natural disasters, California and Florida had the highest non-renewal rates in 2024, a Weiss Ratings study found.

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

How to build a more resilient and efficient CAT playbook through communication automation.