Reinsurance News

wildfire

U.S. acres burned by wildfires in H1 2017 up 34%, says Verisk

20th July 2017

Verisk Insurance Solutions, a Verisk Analytics company, has produced data that highlights the potential for significant wildfire risk across the U.S., with 4.5 million homes in the country at high or extreme risk of wildfire. Verisk has published its 2017 FireLine State Risk Reports, which examine wildfire exposure in 13 states ... Read the full article

AMA takes legal action to recover $165mn from reinsurers after the Fort McMurray wildfire

14th July 2017

The Alberta Motor Association Insurance Company (AMA) has filed a statement claim with the Alberta Court of Queen's Bench, in an effort to recover money owed by reinsurers in relation to the devastating Fort McMurray wildfires. The Fort McMurray wildfires devastated the city and area in 2016, becoming Canada's costliest catastrophe event, ... Read the full article

U.S. wildfire acreage burned running ten times ahead of average in 2017

21st March 2017

A staggering 2.1 million of U.S. acreage has burned as a result of wildfires from January 1st to March 17th, 2017, which is roughly ten times ahead of the average for the period, according to industry reports. Analysis from the National Interagency Fire Center shows that the 2006-2015 annual average U.S. fire ... Read the full article

Insured losses reach AU$42 million after Sydney freak summer storm

20th February 2017

The Insurance Council of Australia (ICA) has reported insured losses of AU $42 million (US$32 million) and rising after a freak summer storm ravaged Sydney and parts of New South Wales. And insured loss estimates for the NSW bushfires have risen to AU$28.5 million (US $21 million) - a figure that ... Read the full article

Need for mitigation spending highlighted after NSW wildfires

16th February 2017

The Insurance Council of Australia (ICA) has highlighted the need for mitigation against natural disasters as New South Wales (NSW) continues to battle severe wildfires and last December heavy rainfall sparked flash floods, in what was described as a once-in-a-half-century weather event. The ICA said "it’s important to recognise that ... Read the full article

NSW wildfire loss estimates at AU$20 million and rising

14th February 2017

The Insurance Council of Australia (ICA) has set estimated insured losses at AU$20 million ($15.3) and rising after nearly 100 bushfires have ravaged New South Wales (NSW). The ICA has declared an insurance catastrophe as fires destroyed homes, stock and other assets; ICA Chief Executive Officer (CEO), Rob Whelan, commented; “At ... Read the full article

Nearly 100 severe wildfires ravage NSW, Australia

13th February 2017

Nearly 100 wildfires have raged across Australia’s New South Wales (NSW) state destroying at least 30 homes, amidst some of the worst weather conditions seen in the country's recent history as winds sweep through land already parched by a record-breaking heatwave. Officials said conditions were worse than during the 2009 “Black ... Read the full article