The impact of natural catastrophe losses on 2nd quarter earnings was the insurance story of the summer of 2016. Virtually every segment of the insurance industry, from primary carriers and reinsurers to non-traditional market capital such as ILS funds, suffered sharp financial losses as a direct result of unprecedented natural catastrophic events worldwide.
Congress created the National Flood Insurance Program in 1968 in response to the rising cost of taxpayer funded disaster relief for flood victims, and also to address the increasing amount of damage caused by flooding. The aim of the program was to reduce the impact of flooding by providing affordable insurance to property owners and by encouraging communities to adopt and enforce flood plan management regulations.
The National Flood Insurance Program is set to expire September, 30, 2017. As such, there has been widespread interest from policymakers, insurers and reinsurers for private sector participation to support the future viability of the NFIP. Private insurance companies are eager to garner a share of the $3.4 billion in premium that the NFIP wrote in 2015. However, they are only interested in writing risks at actuarially sound rates.
The races are on and Bermuda is bursting with excitement and pride. On Saturday, May 27th, the 35th America’s Cup officially kicked off with fanfare, attracting a sell-out crowd of more than 8,000 people at the America Cup’s Village at the Royal Naval Dockyard. The much anticipated, highly acclaimed international racing spectacle is underway on Bermuda’s Great Sound, culminating in the America's Cup Match presented by Louis Vuitton starting June 17th. Ironshore is fully engaged in the competition as the designated Official Insurer of ORACLE TEAM USA.
Hurricane damage consequences present challenges for insurance claims professionals to respond as expediently as possible. For homeowners impacted by the ravages of a devastating hurricane, getting answers is paramount. Every claim resulting from a catastrophic event is unique. Ironshore’s high net worth homeowners hold high service expectations regarding timely claims resolution, particularly in the aftermath of a hurricane storm event.
Hurricane Florence made landfall as a Category 1 storm on Friday, September 14, 2018, at 7:15 am near Wrightsville Beach, North Carolina. At landfall, maximum sustained winds were recorded at 90 mph with wind gusts of over 100 mph reported in several locations in eastern North Carolina. Wilmington International Airport, for example, reported a wind gust of 105 mph – the strongest wind gust that the city had experienced since Hurricane Donna in 1960.
The 2018 hurricane season was more active than originally anticipated – driven by a very active early September, including Hurricane Florence, and then Hurricane Michael in early October. Yet, this year’s activity paled in comparison to the economic and insured losses resulting from Hurricanes Harvey, Irma and Maria that hit in 2017. Commercial property premium renewal rates edged up to a positive range in the 4th Q of last year as a direct response to these catastrophic events. The impact of the 2018 storm season on commercial property premium rates will be fully realized at 2nd Q 2019 renewals.
Winter officially arrived on December 21st. Now is the time for homeowners to take precautionary steps to avoid potential losses related to the threats of the winter season. By understanding exposure to risks that could trigger a claim event and involve costly repairs, homeowners can take action to winter-proof their home and property. Preventive measures taken early can help mitigate against the risk of damage and financial loss.
Researchers at Colorado State University Predict Slightly Below-Average 2019 Atlantic Basin Hurricane Season
Colorado State University hurricane researchers are predicting a slightly below-average Atlantic basin hurricane season in 2019, citing the relatively high likelihood of a weak El Niño as a primary factor. CSU’s initial hurricane forecast for 2019 was released on April 4
Hurricane researchers at Colorado State University (CSU) updated their forecast of 2019 Atlantic seasonal hurricane activity on July 9th. The researchers have maintained their forecast for a near-average 2019 Atlantic hurricane season.
Since the time of the forecast release, Hurricane Barry has formed so an additional 12 named storms and 5 hurricanes are now anticipated.