Natural disasters

As soon as temperatures breached 43.6C in Ahmedabad, Makwana and thousands of other women were told that ICICI Lombard, an insurance company, would pay them a portion of their daily wages.

Casey Kempton, president of personal lines at Nationwide, addressing the Insurtech Insights conference, said carriers should work to educate policyholders about what to expect from weather claims.

Hurricane season has become more active due to climate change, leading to more damage — and more insurance claims. Here is how the industry is responding.

Highlighting what technology tools insurers are using to better understand the risks associated with the climate crisis.

Catastrophe bonds and other insurance-linked securities, which powered last year's highest-returning hedge fund strategy, are built on calculations that can underestimate a new breed of risk stemming from high-frequency events such as wildfires and thunderstorms, according to veteran investors.

Heavy rains in Rio Grande do Sul, Brazil's southernmost state, left entire cities under water and shut down its main airport indefinitely.

Climate-related disasters rank as just one of the leading factors.

With the retreat from globalization, insurers will have to adapt but it won't be easy.

The Net Zero Insurance Alliance will instead be replaced by the Forum for Insurance Transition to Net Zero (FIT), convened and led by the United Nations Environment Programme, according to a statement on Thursday.

There is a disconnect between today's insurance frameworks and the financing needed to invest in adaptation and mitigation measures.

The average premium for homeowners insurance in the US is expected to hit $2,522 by the end of the year, driven largely by intensifying natural disasters, rising reinsurance costs and higher fees for home repair, according to Insurify, a Massachusetts-based insurance-comparison platform.

Defections by U.S. states from NAIC's call for property market data reporting could widen the gap in insurance protection, climate risk solutions expert says.

Insured losses from natural catastrophes have been on a slow and steady rise.

The move comes just nine months after State Farm announced plans to stop issuing new coverage in the most populous US state.

Homeowners insurance rates in Florida have always been above the national average, but in recent years they have risen to unprecedented levels.

The strategy in question is tied to insurance-linked securities, which are dominated by catastrophe bonds (often dubbed cat bonds).

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.

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 Florida State Board of Administration Finance Corporation expects to sell at least $1.5 billion of municipal bonds to raise money for the Florida Hurricane Catastrophe Fund, according to a securities filing dated Jan. 19.