indemnity – Page 2 – Desdemona Despair

Changes in flood insurance rates in Miami-Dade County, Florida. Data: FEMA. Graphic: WUSF

May 30, 2023

Flood insurance costs to soar in Florida – In the most expensive ZIP code for flood insurance in South Florida, average premiums will rise above $7,000 per year

By Nicolas Rivero 21 May 2023 (WUSF) – Brace for a few years of flood insurance rate hikes, South Florida. And they’re going to be steep — doubling, even tripling for thousands of homeowners. FEMA has changed the way it calculates flood insurance prices. Instead of relying on old flood zone maps covering broad areas, […]

Angela Crawford watches as a wildfire called the McKinney fire burns a hillside above her home in Klamath National Forest, California, on Saturday, 30 July 2022. Crawford and her husband stayed, as other residents evacuated, to defend their home from the fire. Photo: Noah Berger / AP Photo

May 28, 2023

Insurance giant State Farm halts sale of new home policies in California due to wildfires – “State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market”

By Gloria Oladipo 27 May 2023 (The Guardian) – The insurance giant State Farm, America’s biggest car and home insurer by premium volume, will halt the sale of new home insurance policies in California, citing wildfire risk and inflation of construction costs. Starting on Saturday, the company will not accept insurance applications for business and personal lines […]

Satellite view of the Iberian Peninsula on 11 May 2023 and 11 May 2023. These images, acquired by the Moderate Resolution Imaging Spectroradiometer (MODIS) on NASA’s Terra satellite, show where green vegetation in May 2022 turned brown by May 2023. The sparse rainfall further parched soils that were already unusually dry in 2022. According to a recent report by Copernicus Climate Change Services, soil moisture across all of Europe in 2022 was the second lowest in the past 50 years. Unseasonable heat exacerbated the prolonged drought. On 26 April 2023, hot air from North Africa swept over southern Spain and pushed the temperature at the Córdoba airport to 38.8°C (101.8°F), the highest April temperature recorded in continental Spain. Photo: Allison Nussbaum / NASA Earth Observatory

May 27, 2023

Drought in Spain spurs largest-ever claim for agricultural insurance – 2023 sees the highest number of fires and the most extensive burned area since 2006

By Akankshita Mukhopadhyay 26 May 2023 (Reinsurance News) – The drought in Spain would be the largest claim ever paid by the Spanish agricultural insurance, according to professional services firm Aon. Agroseguro, the leading agricultural insurance provider in Spain, is bracing for an unprecedented payout of over €300 million ($325 million) in compensations due to […]

Map showing global climate risk as an Aggregated Damage Ratio, projected to the year 2050. Graphic: XDI

February 28, 2023

Florida’s projected sea level rise by 2100 is bad news for sunshine state – Outside of China, Florida is the most at-risk state/province in the world for economic damage caused by climate change

By Pandora Dewan 24 February 2023 (Newsweek) – By 2100, Florida could see sea levels rise by up to 6 feet, with over 900,000 properties at risk of being underwater. “By 2050, Florida sea levels, like much of the US, are headed for a 1-foot rise on average (above 2020 levels),” William Sweet, an Oceanographer for the […]

People carrying their belongings arrive at an evacuation center in Santa Barbara, California, Monday, 9 January 2023, during record flooding. Photo: Ringo H.W. Chiu / AP Photo

February 28, 2023

The American climate migration has already begun – More than 3 million Americans lost their homes to climate disasters in 2022

By Jake Bittle 23 February 2023 (The Guardian) – Over the past decade, the US has experienced a succession of monumental climate disasters. Hurricanes have obliterated parts of the Gulf Coast, dumping more than 50 inches of rain in some places. Wildfires have denuded the California wilderness and destroyed thousands of homes. A once-in-a-millennium drought […]

Map showing natural catastrophe loss events in 2022. Natural catastrophes caused overall losses of US$270 billion worldwide. Data: Munich Re, NatCatSERVICE, 2023. Graphic: Munich Re

January 31, 2023

Munich Re: Climate change and La Niña driving losses – “Climate change is taking an increasing toll. The natural disaster figures for 2022 are dominated by events that, according to the latest research findings, are more intense or are occurring more frequently.”

10 January 2023 (Munich Re) – With overall losses of around US$ 270bn (previous year US$ 320bn) and insured losses of roughly US$ 120bn (previous year US$ 120bn), 2022 joins the recent run of years with high losses. Overall losses were close to the average for the last five years, while insured losses were significantly […]

Map showing significant economic loss events in 2022. Direct economic losses resulting from natural disasters in 2022 are estimated at $313 billion. This is close to the 21st century average, after adjusting actual incurred damage to today’s dollars using the U.S. Consumer Price Index. Though 2022 was far from record-breaking in terms of overall losses, it saw many impactful and costly events across the globe. Visualizing the geographic distribution of 2022 events allows for distinguishing certain patterns, including higher frequency of medium-sized Severe Convective Storm (SCS) events in the U.S. and Europe, and the prevalence of flooding events in Africa, Southeast Asia and Oceania. The map primarily shows the economic impact, which to some extent correlates with concentration of wealth — this is not a result of a reporting bias. What this map does not highlight is the humanitarian crises and displaced communities, as many events with significant human impacts do not necessarily translate into a high financial toll in terms of direct damage. Note that significant price inflation throughout the year already resulted in notable increases of per-event losses. Graphic: Aon

January 25, 2023

Aon: Global insured losses from natural disasters exceeded $130 billion In 2022, driven by second-costliest event on record – More than 19,000 heat-related deaths in Europe

CHICAGO, 25 January 2023 (PRNewswire) – Aon plc (NYSE: AON), a leading global professional services firm, today published its 2023 Weather, Climate and Catastrophe Insight report, which identifies global natural disaster and climate trends to help make better decisions to manage volatility and enhance global resilience. The report reveals that natural disasters caused a $313 billion global economic loss […]

Aerial view of a flooded home that is partially underwater in Gilroy, California, on 9 January 2023. Photo: Josh Edelson / AFP / Getty Images

January 22, 2023

California storms leave billions of dollars in damage to businesses, homes, and infrastructure – Few homeowners have flood insurance – Total costs associated with storms estimated at $31 billion to $34 billion

By Jim Carlton 21 January 2023 ANTIOCH, California (The Wall Street Journal) – Paradise Skate Roller Rink was preparing to host a New Year’s Eve bash when floodwaters poured in from a nearby creek, destroying the wooden floor and leaving the decades-old business in this San Francisco Bay Area suburb out of commission for months. […]

Waves lap the eroded beach below the half-collapsed homes of Nina Lavigna, at left, and her neighbor, after Hurricane Nicole swept away sand from the beach and from under foundations, Saturday, 12 November 2022, in Wilbur-By-The-Sea, Fla. Photo: Rebecca Blackwell / AP Photo

November 14, 2022

Florida county puts damage from Hurricane Nicole at $481 million – “The structural damage along our coastline is unprecedented”

DAYTONA BEACH SHORES, Florida, 14 November 2022 (AP) – Damages are estimated at more than $481 million in a central Florida coastal county where homes collapsed into the Atlantic Ocean following Hurricane Nicole last week. The damages from the category 1 storm in Volusia County, home to Daytona Beach, exceeded those from the much stronger Hurricane Ian, […]

Insured losses linked to extreme weather in Canada, 1983-2021. Data: Insurance Bureau of Canada. Graphic: Reuters

August 8, 2022

Canada village razed by wildfire wrestles with climate-proofing its future – “I’m not expecting I’ll be rebuilding ever”

By Nia Williams 5 August 2022 REVELSTOKE, British Columbia (Reuters) – A year after a wildfire destroyed the western Canadian village of Lytton, residents, municipal leaders, and the British Columbia government are grappling with the slow and costly reality of future-proofing a community against climate change. The remote village sits at the confluence of the […]