INSURANCE NEWS

A Texas Congressman is Quietly Helping Elon Musk Pitch Building $760M Tunnels Under Houston to Ease Flooding

The devastating flooding in Houston caused by Hurricane Harvey in 2017 killed dozens of people, inundated hundreds of thousands of homes and left the community desperate for a solution. Since then, local flood experts have extensively studied the possibility of …
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NOAA Develops Tool to Predict Hourly US Wildfire Hazards

Scientists at National Oceanic and Atmospheric Administration (NOAA)’s Global Systems Laboratory said it has developed an hourly assessment of wildfire potential across the U.S. The Boulder, Colorado-based lab’s Hourly Wildfire Potential (HWP) Index, in development since 2019, provides frequent updates …
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The Ghost of Hurricane Katrina Haunts Catastrophe Modelers

When Hurricane Katrina slammed into New Orleans in August 2005, causing greater insurance losses than any other natural disaster in history, it became clear that a lot of the city’s flood protection engineering — walls, pumps, levees — had failed. …
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After Fearsome Dust Storm Rips Phoenix Area, Trees Cleaned up And Power Restored

Crews cleaned up downed trees and got electricity mostly restored for thousands of people this week after a powerful dust storm roared through the Phoenix area. The wall of dust towering hundreds of feet high dwarfed the city’s neighborhoods. Called …
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California Jury Awards $2 M to Protester Shot in Face With Nonlethal Projectile

A jury has awarded at least $2.2 million to a protester who was shot in the face with a less-lethal munition by a Los Angeles sheriff’s deputy during a demonstration against police brutality in 2020. In the verdict last week, …
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Heavy Rain Causes Flooding, Landslides and Deaths in Vietnam and Thailand

Heavy rain caused flooding and landslides Wednesday in parts of Southeast Asia, where at least eight deaths were reported in the aftermath of a tropical storm. Flooding occurred in several northern and central provinces of Vietnam, where seven people died, …
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Kenya’s Britam Seeks More African Expansion After Imminent Congo Entry

Kenya’s biggest publicly traded insurer by market value is planning expansion in African nations with low insurance penetration to augment and diversify revenue. Britam Holdings Ltd., which already has operations in seven African nations, will mostly focus on acquisitions rather …
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Markets/Coverages: Liberty Mutual Re, Safehub Launch Parametric EQ Insurance Cover

Liberty Mutual Reinsurance (LM Re) and Safehub, a provider of seismic sensor and risk management technology, announced the launch of an earthquake parametric insurance solution, called “ShakeNet Parametric.” With capacity provided by LM Re and is triggered by the highest-resolution …
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Canada’s 2023 Wildfires Pushed Air Pollution to Decade-Level Highs

Canada’s record-breaking 2023 wildfire season led to a spike in air pollution in the country and in the US, erasing recent progress in cleaning up the air, according to new analysis. The wildfires, which burned 42 million acres of Canadian …
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Climate Change Made Turkey, Greece Wildfires 10 Times More Likely: Scientists

The wildfires that raged across Greece, Turkey and Cyprus this summer were 22% more intense and 10 times more likely than they would have been in a world without climate change, according to scientists. The extremely hot, dry and windy …
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Sierra Club Received Sex Harassment Complaint About Then-Chief Earlier This Year

A Sierra Club employee filed a workplace misconduct complaint earlier this year with the board of directors alleging that then-executive director Ben Jealous engaged in sexual harassment and bullying. The employee’s complaint, reviewed by Bloomberg News, alleges Jealous made unwelcome …
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AM Best Affirms A+ Financial Strength Rating for Allstate Group Members

Insurance industry rating agency AM Best on Thursday affirmed the financial strength rating of A+ (Superior) for the Allstate Insurance Group. The Oldwick, N.J.-based firm noted Allstate’s “favorable market position in the private passenger auto and homeowners’ markets” as well …
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