Hurricane Andrew

AtkinsRéalis Providing Hurricane Idalia Emergency Management Assistance in Florida

Retrieved on:

Mercoledì, Marzo 20, 2024

AtkinsRéalis is providing Technical Assistance (TA), Public Assistance (PA) and grant management services in 21 Florida counties on behalf of FDEM under the multi-year contract.

Key Points:

AtkinsRéalis is providing Technical Assistance (TA), Public Assistance (PA) and grant management services in 21 Florida counties on behalf of FDEM under the multi-year contract.
The Company's comprehensive knowledge of the Federal Emergency Management Agency's (FEMA) PA program and on-site senior level TA professionals will significantly benefit applicants identifying and filing for eligible recovery projects from Hurricane Idalia.
AtkinsRéalis has supported the State of Florida following every major storm and disaster since 1992, when Hurricane Andrew damaged and destroyed nearly 200,000 homes in South Florida.
"AtkinsRéalis is an industry leader in providing comprehensive recovery and post-disaster services," said Steve Morriss, President, U.S., Latin America, and Minerals & Metals, AtkinsRéalis.

Florida Ranks #1: Most Dissatisfied Home Insurance Customers

Retrieved on:

Lunedì, Settembre 25, 2023

Hurricane Andrew, Insurance, Frustration, Fraud, Multimedia, Comparison, Risk, Legislation, Property insurance

TAMPA, Fla., Sept. 25, 2023 /PRNewswire/ -- Clearsurance.com's recent report on homeowners insurance in Florida shows that customers in Florida are more dissatisfied than customers in any other state.

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TAMPA, Fla., Sept. 25, 2023 /PRNewswire/ -- Clearsurance.com's recent report on homeowners insurance in Florida shows that customers in Florida are more dissatisfied than customers in any other state.
There are several issues that Florida homeowners encounter that make their home insurance situation more challenging than in other states.
According to Clearsurance.com , since Hurricane Andrew, the home insurance market in Florida went from 6% local providers to 70% local providers.
Many national home insurance providers have pulled out of the Florida market because of the high risk of claims.

NEW VESTTOO RESEARCH: Low Volatility Asset Class Projected to Jump to $120 Billion over next Three Years

Retrieved on:

Mercoledì, Maggio 31, 2023

Hurricane Andrew, Insurance, Life, Growth, TEL, Chartered Property Casualty Underwriter, P&C, ILS, Research, Reinsurance

TEL AVIV, Israel, May 31, 2023 /PRNewswire/ -- Vesttoo, a pioneering insurance risk transfer and investment platform, today released new research showing that the non-catastrophe insurance-linked securities (non-CAT ILS) market, an alternative investment class with low correlation to the broader financial markets, is projected to jump to an estimated $120 billion by 2025, an 11 percent increase over 2022. The new findings, included in Vesttoo's first Risk Capital Report, point to a rapid growth in the alternative investment class as major institutions seek market uncorrelated, low volatility assets.

Key Points:

The new findings, included in Vesttoo's first Risk Capital Report , point to a rapid growth in the alternative investment class as major institutions seek market uncorrelated, low volatility assets.
These lines of business are characterized by large datasets of high frequency and low volatility claims patterns, enabling higher-confidence risk modelling and expected returns.
The projected jump in interest in non-CAT ILS comes at one of the most-challenging renewal periods for the reinsurance industry in decades.
Non-catastrophe insurance-linked securities market is projected to jump to an estimated $120 billion by 2025, an 11% increase over 2023.

Rosenstiel professor awarded endowed chair in earth sciences

Retrieved on:

Venerdì, Maggio 19, 2023

Earlier this month, the Rosenstiel School of Marine, Atmospheric, and Earth Science at the University of Miami awarded the inaugural William R. Middelthon III Endowed Chair in Earth Sciences to Benjamin Kirtman, a professor in the school’s Department of Atmospheric Sciences.

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Earlier this month, the Rosenstiel School of Marine, Atmospheric, and Earth Science at the University of Miami awarded the inaugural William R. Middelthon III Endowed Chair in Earth Sciences to Benjamin Kirtman, a professor in the school’s Department of Atmospheric Sciences.
“I am honored to have the opportunity to establish this endowed chair," said Middelthon, a longtime supporter of the school’s research and education initiatives.
“I am deeply honored to be the first recipient of the William R. Middelthon III Endowed Chair in Earth Sciences,” said Kirtman.
The William R. Middelthon III Endowed Chair in Earth Sciences is part of the University’s Centennial Talents initiative, a bold plan to significantly increase the number of endowed positions by 2025 in celebration of the University’s centennial.

IBHS's Hurricane Ready guides offer science-based hurricane preparedness projects, large and small, to make homes and businesses more resilient

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Martedì, Aprile 25, 2023

IBHS, Pressure, Insurance, Tree, Building, Business, Hurricane Ian, Research, Insurance Institute for Highway Safety, Wind, Hurricane Andrew, DIY, NOAA, National Oceanic and Atmospheric Administration, Florida Building Code, Hurricane season, Weather, Property insurance, State

RICHBURG, S.C., April 25, 2023 /PRNewswire/ -- With the traditional start of hurricane season just weeks away, the Insurance Institute for Business & Home Safety (IBHS) has released its 2023 Hurricane Ready guides featuring science-based preparedness tips to help home and business owners strengthen their properties ahead of potentially damaging storms.

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As Hurricane Ian demonstrated in 2022, it only takes one storm to wreak havoc on millions of lives.
IBHS research shows resilient construction practices can reduce costly storm damage, breaking the cycle of loss and better preparing homes and businesses for generations to come.
"Last year's hurricane season started slow but ended with a powerful punch," said Dr. Ian Giammanco, lead research meteorologist at IBHS.
Visit www.disastersafety.org for the full Hurricane Ready guides and downloadable checklists to schedule and track progress.

NATIONAL RESILIENCE NONPROFIT CEO RECEIVES 2023 NEIL FRANK AWARD FROM NATIONAL HURRICANE CONFERENCE

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Lunedì, Aprile 3, 2023

Turn Around, Building, The Walt Disney Company, National Weather Service bulletin for Hurricane Katrina, National Hurricane Center, Forecasting, Hurricane Andrew, Organization, FLASH, NHC, Weather, Conference, Federal Alliance (South Africa), Female, Management

NEW ORLEANS, April 3, 2023 /PRNewswire/ -- Today, the National Hurricane Conference (NHC), the industry's foremost conference regarding hurricane preparedness, response, and recovery, hosted the annual awards ceremony aimed at celebrating industry leaders and organizations who go above and beyond the call of duty to continue to improve the field. "These individuals and organizations have dedicated their careers and missions to improving disaster education, forecasting, preparedness, recovery, and resilience," said John Wilson, Chairman of the National Hurricane Conference.

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"These individuals and organizations have dedicated their careers and missions to improving disaster education, forecasting, preparedness, recovery, and resilience," said John Wilson, Chairman of the National Hurricane Conference.
Leslie has been a national leader in achieving resilience since the devastation of Hurricane Andrew in 1992.
No Confidence – Inspect2Protect.org and brings together resilience leaders from across the country at the annual National Disaster Resilience Conference .
The award is named after Neil L. Frank, Atmospheric scientist; former Director of the National Hurricane Center (NHC) in Florida from 1974-1987.

Hurricane Ian drives natural catastrophe year-to-date insured losses to USD 115 billion, Swiss Re Institute estimates

Retrieved on:

Giovedì, Dicembre 1, 2022

The re/insurance industry covered roughly 45% of the economic losses this year, indicating a large protection gap across the world.

Key Points:

The re/insurance industry covered roughly 45% of the economic losses this year, indicating a large protection gap across the world.
Hurricane Ian is this year's costliest natural catastrophe with estimated preliminary insured losses of USD 5065 billion.
Swiss Re Institute estimates it to be the second-costliest insured loss ever on sigma records after Hurricane Katrina in 2005.
Urban development, wealth accumulation in disaster-prone areas, inflation and climate change are key factors at play, turning extreme weather into ever rising natural catastrophe losses.

Demotech - The Rating Agency that Stepped Up

Retrieved on:

Mercoledì, Novembre 23, 2022

Since 1985, Demotech has served the industry by assigning accurate, reliable, and proven Financial Stability Ratingsto P&C insurers and Title underwriters.

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Since 1985, Demotech has served the industry by assigning accurate, reliable, and proven Financial Stability Ratingsto P&C insurers and Title underwriters.
In 1996, when the major insurer rating agencies avoided the newly capitalized insurers depopulating the Florida Residential Property and Casualty Joint Underwriting Association (JUA), Demotech, Inc.,the insurer rating agency accepted by Fannie and Freddie since 1990, stepped up to rate the insurers that would de-populate the JUA.
By doing so, the rating agency grew from rating a negligible market share of Florida's premium volume to nearly 60% of the homeowners' volume in the state.
Now, just to be clear, Demotech is NOT a lobbying agency, it is a rating agency that stepped up in its rhetorical outreach to better a marketplace in which it plays a key role.

CoreLogic Analysis Shows Final Estimated Insured and Uninsured Damages for Hurricane Ian to be Between $41 Billion and $70 Billion

Retrieved on:

Giovedì, Ottobre 6, 2022

View the full release here: https://www.businesswire.com/news/home/20221006006036/en/

Key Points:

View the full release here: https://www.businesswire.com/news/home/20221006006036/en/
Figure 1: Flood Extent of the Peace River in Arcadia, Florida After Hurricane Ian.
(Graphic: Business Wire)
According to this new data analysis, total flood and wind losses are between $41 billion and $70 billion.
Uninsured flood loss for this area is estimated to be between $10 billion and $17 billion.
Peace River, which normally runs 130 feet wide, flooded to more than a mile wide due to Hurricane Ian surge and rainfall.

CoreLogic: Estimated Losses from Hurricane Ian Wind, Storm Surge are Between $28 Billion and $47 Billion in Costliest Florida Storm Since Hurricane Andrew

Retrieved on:

Venerdì, Settembre 30, 2022

According to this new data analysis, wind losses for residential and commercial properties in Florida are expected to be between $22 billion and $32 billion.

Key Points:

According to this new data analysis, wind losses for residential and commercial properties in Florida are expected to be between $22 billion and $32 billion.
Insured storm surge losses in Florida are expected to be an additional $6 billion to $15 billion.
Insurers will go into bankruptcy, homeowners will be forced into delinquency and insurance will become less accessible in regions like Florida.
If forecasts hold steady, CoreLogic expects Hurricane Ian to continue bringing flash flood devastation across Florida and potentially into South Carolina and Georgia.