Live Insurance News

Carlotta Makes Landfall and Dissipates over Mexico’s Mountainous Terrain

June 17, 2012 Guest Author

Insurance News – Primary Threat from Flooding and Landslides: AIR BOSTON, June 17, 2012 – According to catastrophe modeling firm AIR Worldwide, Hurricane Carlotta came onshore Friday night as a Category 1 storm near the Oaxacan town of Puerto Escondido (est. pop. 26,000 in 2010), about 200 miles southeast of Acapulco. According to the National Hurricane Center (NHC), maximum sustained winds were 90 mph at landfall. Given the currently available information, AIR does not expect significant insured losses from Carlotta, the third named storm of the Pacific hurricane season. “Carlotta was…

Flash Flooding from Tropical Storm Washi in Philippine Island of Mindanao

December 20, 2011 Guest Author

According to catastrophe modeling firm AIR Worldwide, Tropical Storm Washi pummeled the northern part of the Philippine island of Mindanao late Thursday night. Heavy rainfall from Washi (locally called Sendong) lasted for ten hours, after which flash flooding caused rivers to overflow and coastal cities to flood. In some locations of Mindanao, as much as 20 centimeters of rain fell within a 24 hour period-roughly four times as much rainfall as the region typically receives in the whole of December. In isolated locations, the storm delivered up to 50 millimeters…

Swiss Re expects long lasting economic impact from Thai floods

December 8, 2011May 7, 2013

Swiss Re, a global reinsurance corporation, has released its estimates of the damage done by the recent flooding in Thailand. Heavy rainfall in July caused widespread flooding in many parts of Thailand. Waters first began receding in late October and many parts of the country are still inundated. More than 600 people have lost their lives to the disaster with many thousand more losing their homes. According to Swiss Re, the damage caused by the floods could cost the insurance industry as much as $11 billion. More than 1,500 industrial…

Torrential Rainfall across Parts of Italy and Southeastern France Triggers

November 15, 2011 Guest Author

According to catastrophe modeling firm AIR Worldwide, heavy rains have caused widespread flooding in France and Italy during the first week of November after a low pressure system that developed over the Mediterranean Sea moved northwards, bringing high levels of precipitation. The system responsible for the recent flooding in Italy and France began as an extratropical storm named “Rolf” and subsequently developed tropical characteristics over the warm waters of the Mediterranean. According to AIR, the flooding in Italy and France has been caused by a specific form of low-pressure system…

Historic Flooding in Thailand, Disruptions Continue for Manufacturing and Supply Chain Activities

November 9, 2011November 9, 2011 Guest Author

BOSTON, Nov. 9, 2011 – According to catastrophe modeling firm AIR Worldwide, historic flooding in Thailand continues to damage residential properties and has interrupted operations for numerous businesses. At the start of this year’s monsoon season in late July, Tropical Storm Nock-Ten brought high precipitation levels that swelled the Yom and Nan rivers in the north of Thailand, forcing the evacuation of 650,000 people. Since then, persistently heavy rains have caused serious flooding throughout the country, killing more than 500 people and severely affecting an estimated 2.5-3 million more in…

Thai floods bring insurance claim predictions to $13 billion

November 7, 2011May 7, 2013

Bangkok is now facing the worst floods that it has seen in many decades, forcing hundreds of factories to keep themselves shut in around the city and impairing global supplies, in addition to leading to billions of dollars in insured losses. It is predicted that Japanese insurers will face the brunt of these claims. The flooding in the country is being caused by the slow runoff from the rainy season which is progressing southward from the plains located north of Bangkok. Over the last three months, there have been approximately…

New York farmers to get more aid from insurers after tropical storms

November 1, 2011November 1, 2011 Marc

Farmers in New York will be getting some additional help from insurers after requests for financial aid were approved by Governor Andrew Cuomo. New York farmers have been struggling to recover from recent tropical storms that struck the East Coast. Tropical Storms Irene and Lee brought widespread flooding to the state, which caused damage to more than 320 farms. In some cases, these floods completely decimated crops, leaving farmers without a way to generate revenue. Governor Cuomo has approved a plan to distribute an additional $850,000 to more than 100…