Insurers will have to pay out the largest amount of compensation in 10 years to cover the damage caused by natural disasters in the first half of 2021, including extreme freezing temperatures in the US, according to an industry report. Global natural disaster insured losses, the amount insurers are forecast to pay out, will be as […]
For Home Insurers, Weather Proves More Costly While COVID Measures Lower Claims
Catastrophic weather events such as wildfires, hurricanes and floods caused 39% of home insurance claims in 2020 – the highest percentage in the last six years. According to the 2021 LexisNexis Home Trends Report, the loss cost in 2020 also increased across all perils by 6% year-over-year, following the upward trend that the report says will likely […]
Soaring US Solar Insurance Costs Turn Spotlight on Site Protection
US solar developers are bearing the brunt of climate change as more frequent extreme weather events hike insurance costs. Hail storms, tornados and wildfires have pushed up insurance premiums for solar projects, impacted the scope of policies and reduced availability. Property and casualty insurance premiums for solar plants have increased by as much as 400% […]
A Running List of Record-Breaking Natural Disasters in 2020
This year has been a standout year for all the wrong reasons, including its devastating natural disasters. Wildfires have ravaged the western U.S., and tropical cyclones have popped up left and right, with several causing significant damage to coastal areas. Though they are called natural disasters, the toll they take comes in part from human […]
Homeowners Coverage in the Age of Catastrophic Weather Patterns
The deadly winter storms that descended on Texas in early 2021, following a summer of record-setting wildfires in California, have reminded many Americans of the importance of homeowners insurance. Here is some advice on how to protect yourself-from a major disaster or an everyday one. Risk From Natural Catastrophes is Increasing Many parts of the […]