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Unavoidable Catastrophe
Mitch Caster July 12, 2022 Posted in: Blog Posts, Insurance / Insurers, Reinsurance
A useful and illustrative measure of extreme weather events are catastrophic (CAT) insurance claims, herein defined as any occurrence resulting in more than $25 million in insured damages. The insurance industry has seen an increase in large CAT claims over the last decade relative to historical experience – with notable recent events including hurricanes Harvey, Irma and Matthew.
4 Ways Insurance Companies Can Help Protect the Planet
Multiple July 20, 2021 Posted in: Blog Posts, General
Few industries will be impacted by the compounding effects of climate change as severely as the insurance industry. Extreme climate-related disasters have increasingly dominated the media. Some recent climate data has indicated that expansive wildfires, hurricanes, extreme flooding and prolonged droughts are negatively affecting more and more people. By taking timely action, the insurance industry can help lead change to combat the growing regularity of catastrophic events.
California Homeowners Insurance – Availability and Affordability as Wildfires Burn
As of November 2020, there were 9,279 wildfires in California. These incidents were responsible for 4.2 million acres burned, 31 fatalities and over 10,000 structures damaged or destroyed. According to Cal Fire, significant fire potential remained above normal across Southern California through December. Even before the devastating year, the California Department of Insurance (CDI) was researching the availability and affordability of wildfire coverage. One step in increasing availability was ordering the California FAIR Plan to provide a comprehensive policy in addition to its fire-only coverage by June 1, 2020. 
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