The National Oceanic and Atmospheric Administration is predicting a tumultuous hurricane season this year. The forecast, released Thursday, predicts that as many as six major hurricanes could form over the Atlantic Ocean this season. This is unsettling news for many states in the south currently struggling with national disasters of their own. Insurance companies are bracing for yet more damages. Last year’s hurricane season was relatively tame. Winds kept most tropical storms at sea and prohibited them from forming into hurricanes. “However, we can’t count on luck to get us…
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The numbers come rolling in for recent tornado outbreak
As the drama in the storm ravaged regions of the Southeast U.S. continues to unfold, AIR Worldwide, a leading catastrophe modeling firm, sheds light on exactly how much the disaster will cost in a new report release today. The firm estimates that insured losses in both the Southern and Southeastern U.S. could total $5.5 billion. The estimate is for the period between April 22nd and 28th, when the storms were at their peak. Representatives from AIR say they will continue to monitor the region to keep their estimates as accurate…
Read MoreChecking the insurance market temperature
A recent survey shows that first quarter property and casualty (commercial) rates have fallen another three percent, on average, for most renewals and small to medium business renewals. Most experts believe that it’s still too early to tell if this is due to the disasters in Japan and other countries earlier this year, or if there is another market influence taking place. The slowdown in decreasing rates may be an indicator that prices will start to level off. There have been some slight increases, more noticeable in larger businesses, commercial…
Read MoreStorm chasers prey on unsuspecting homeowners in times of chaos
Senate Bill 101 passed by an almost unanimous vote, sending the consumer protection law on to Missouri Governor Jay Nixon. The bill was created to protect homeowners from being ripped off by scamming contractors and home repair workers. Unfortunately, in times of disaster, some people will see it as a money making opportunity. They know that typically, after an area is hit by a natural disaster, state and government funds are poured into that region to help aid and recovery efforts. The officials call these unethical people “storm-chasers”. This is…
Read MoreDamage from the worst tornado season in 50 years in the billions
As the storms of the south begin to relent, residents are beginning the long, arduous path towards recovery. Insurers have assessed the extent of the damage and are reporting insured losses could cost billions of dollars. The recovery efforts will be nothing short of massive. The National Weather System has accounted for nearly 200 tornadoes having formed during the worst of the storms – the highest number of tornadoes that has occurred in the region in over 50 years. Coupled with hail and wind storms, the damage throughout the Southeast…
Read MoreCould be just the beginning as deadly storms rip through the U.S.
Spring storms tore through the southern portion of the states last week leaving massive damage and loss of life in its aftermath. Virginia is no stranger to bad weather; over the last sixty years, they’ve had almost 600 tornados. But the previous storms were not like this one. Initial figures have eleven deaths total, and over 7.5 million in damages in one county. Virginia is used to getting thunderstorms and even tornados. However, most are EF1, or an EF2 and short lived. They don’t stay formed for very long and…
Read MoreNuclear plant shut down in Alabama causes many to question safety
The outbreak of tornado’s and severe weather Wednesday caused massive damage across the southeastern United States. With a death toll of just over 200, almost three-quarters of those were in Alabama. The storms were so bad that the Browns Ferry nuclear plant had to shut down three reactors due to a power outage. The Browns Ferry nuclear plant in northern Alabama is owned by Tennessee Valley Authority (TVA). It was the first plant the TVA built and at that time (1974) it was the world’s largest nuclear plant. The Browns…
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