Triple-I Experts Speakon Climate Risk, Resilience Hurricane Beryl’s rapid escalation from a tropical storm to a Category 5 hurricane does not bode well for the 2024 Atlantic Hurricane season, which is already projected to be of above-average intensity, warns Triple-I non-resident scholar Dr. Philip Klotzbach. “This early-season storm activity is breaking records that were set […]
Less Severe Wildfire Season Seen; But No Less Vigilance Is Required
Less Severe Wildfire Season Seen; But No Less Vigilance Is Required By Max Dorfman, Research Writer, Triple-I This wildfire season is expected to be less intense than normal, but people in high-risk areas should be aware of and prepared for potential damage, according to Craig Clements, a professor of meteorology and climate science at San […]
CSU Researchers Project “Extremely Active”2024 Hurricane Season
CSU Researchers Project “Extremely Active”2024 Hurricane Season Colorado State University hurricane researchers predict an “extremely active” Atlantic hurricane season in their initial 2024 forecast. The team cites record-warm tropical and eastern subtropical Atlantic sea surface temperatures as a primary factor for their prediction of 11 hurricanes this year. Led by senior research scientist and Triple-I […]
N.J. Quake a Wake-Up Call for Seismic Mitigation, Resilience Investment
N.J. Quake a Wake-Up Call for Seismic Mitigation, Resilience InvestmentResidents and police gather outside of homes in Newark, N.J., that were damaged by a 4.8 magnitude earthquake on April 5. (Photo by Spencer Platt/Getty Images) Last week’s earthquake in Lebanon, N.J. – the strongest to hit the state in more than 200 years and which […]
Coastal New Jersey Town Regains Class 3 NFIP Rating
Coastal New Jersey Town Regains Class 3 NFIP Rating Sea Isle City, N.J., has regained its Class 3 rating under FEMA’s National Flood Insurance Program (NFIP) Community Rating System (CRS) after a brief demotion last year. Being rated Class 3 enables the coastal town’s property owners to receive a 35 percent discount on their federal […]
Evolving Risks Demand Integrated Approaches
Evolving Risks Demand Integrated Approaches Even as the Smokehouse Creek Fire – the largest wildfire ever to burn across Texas – was declared “nearly contained” this week, the Texas A&M Service warned that conditions are such that the remaining blazes could spread and even more might break out. “Today, the fire environment will support the potential for multiple, […]
NAIC, FIO to Collaborate on Data Collection Around Climate Risk
NAIC, FIO to Collaborate on Data Collection Around Climate Risk When the U.S. Treasury Department’s Federal Insurance Office (FIO) announced in December 2022 that it was considering a new data-reporting mandate for certain property/casualty insurers, it raised red flags for insurers and policyholders. In response to a request for comments on the proposed data call, Triple-I told FIO the […]
Insurers Engageas Climate Perils Drive Up Costs
Insurers Engageas Climate Perils Drive Up Costs By Max Dorfman, Research Writer, Triple-I 2023 was another year with high-risk climate and weather-related challenges, with 2024 positioned to pose its own challenges. Indeed, 2023 was the warmest year for the globe since 1850 — when these records were first made. The temperature in 2023 was over […]
FEMA Highlights Roleof Modern Roofsin PreventingHurricane Damage
FEMA Highlights Roleof Modern Roofsin PreventingHurricane Damage By Max Dorfman, Research Writer, Triple-I Homes with more modern roofs were able to avoid significant damage from Hurricane Ian, compared with those with older roofs, according to a recent study by the Federal Emergency Management Agency (FEMA). Of the 200 homes surveyed, 90 percent with roofs installed […]
Chubb Highlights Perils Keeping High-Net-Worth People Awake at Night
Chubb Highlights Perils Keeping High-Net-Worth People Awake at Night According to a recent Chubb survey of 800 high-net-worth individuals in the United States and Canada, 92 percent are concerned about the size of a verdict against them if they were a defendant in a liability case – yet only 36 percent have excess liability insurance. […]