Live Insurance News

Mexico insurance industry expected to handle the impact of Hurricane Patricia

October 29, 2015October 28, 2015 Logan B.

A.M. Best provides some insight into Mexico’s insurance industry A.M. Best, a rating agency based in the United States, has issued a comment concerning Mexico’s insurance industry and how it may be impacted by Hurricane Patricia. The powerful storm formed alarmingly quickly in the Pacific ocean and was the strongest hurricane ever recorded, with sustained winds recorded in excess of 200 miles-per-hour. While the storm dissipated quickly once making landfall, there are still serious concerns regarding flooding and the damage that heavy rainfall has caused. Insurers are expected to be…

Flooding from Hurricane Patricia in Texas could bring billions in claims

October 28, 2015October 26, 2015 Julie Campbell

The strongest storm of its nature ever to hit the Western Hemisphere is also bringing flooding back to the state. Even though the storm didn’t cause the type of catastrophe that may have been expected from Hurricane Patricia, the worst storm of that nature that has ever been seen by the Western Hemisphere, this doesn’t mean that it won’t be leaving devastation in its trail now that it has been downgraded to a tropical depression. The largest cities in Mexico may have been spared but Texas could see billions of…

Hurricane Patricia may not have been as much of a disaster as predicted

October 26, 2015October 25, 2015 Julie Campbell

Despite the fact that it was the most powerful storm ever seen by the Western Hemisphere, it was not the most damaging. The first reports about Hurricane Patricia that were released over the weekend after the storm made landfall on the west coast of Mexico indicated that there had not been any major damage and that there had not been any deaths. The early reports were cautiously optimistic that the broad efforts to evacuate affected areas saved lives. Even though Hurricane Patricia was the most powerful storm of that nature…

Hurricane Manuel Returns to Soak Northwestern Mexico: AIR Worldwide

September 20, 2013 Guest Author

According to catastrophe modeling firm AIR Worldwide, after rapidly dissipating on Monday night and being downgraded to a remnant tropical low, Manuel reformed and strengthened back to hurricane intensity on Wednesday. The re-formation was aided by a reduction in wind shear over the past two days, as well as by the storm having moved back over the warm ocean waters off the western coast of Mexico. Hurricane Manuel slowly drifted to the north-northwest at about 5 mph. This track, coupled with the storm’s slow forward speed, resulted in Manuel remaining…

Downgraded Tropical Storm Ingrid Makes Landfall on Mexico’s East Coast: AIR Worldwide

September 16, 2013 Guest Author

BOSTON, Sept. 16, 2013 – According to catastrophe modeling firm AIR Worldwide, Tropical Storm Ingrid had weakened from its Category 1 hurricane status by the time it made landfall near the small town of La Pesca on the eastern coast of Mexico between 6:00 and 7:00 a.m. CDT this morning. The National Hurricane Center’s 7:00 a.m. CDT Public Advisory reported that an Air Force Hurricane Hunter aircraft and radar imagery had confirmed that Ingrid had made landfall and that the storm’s wind speed had not increased in intensity as anticipated…

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…

Hurricane Rina Continues to Intensify, Yucatan Landfall Expected Later This Week

October 26, 2011 Guest Author

BOSTON, Oct. 25, 2011 – According to catastrophe modeling firm AIR Worldwide, Hurricane Rina, the 17th named storm and the 6th hurricane of the 2011 Atlantic hurricane season, is on course toward the resort-lined coast of Mexico’s Yucatan Peninsula. The Category 2 storm has caused widespread disruption to cruise itineraries in the Caribbean, and the Mexican government has issued a hurricane warning for the east coast of the Yucatan Peninsula from Punta Gruesa to Cancun. Officials have initiated widespread storm preparations. Rina is not expected to affect oil and gas…