Category: Disaster Resilience

Triple-I Experts Speakon Climate Risk, Resilience

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 […]

Accurately WritingFlood Coverage Hinges on Diverse Data Sources

Accurately WritingFlood Coverage Hinges on Diverse Data Sources Flood risk is not only one of the most destructive perils facing property owners; it is among the most complicated forms of coverage for property/casualty insurers to underwrite. For decades, the private market wouldn’t cover flood risk, which is why the National Flood Insurance Program had to […]

Legal Reforms Boost Florida Insurance Market; Premium Relief Will Require More Time

Legal Reforms Boost Florida Insurance Market; Premium Relief Will Require More Time Legislative reforms put in place in 2022 and early 2023 to address legal system abuse and assignment-of-benefits claim fraud in Florida are beginning to help the state’s property/casualty insurance market recover from its crisis of recent years, according to a new Triple-I Issues […]

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 […]

Lee County, Fla., Towns Could Lose NFIP Flood Insurance Discounts

Lee County, Fla., Towns Could Lose NFIP Flood Insurance Discounts Property owners in Lee County, Fla., could lose their flood insurance premium discounts under the National Flood Insurance Program (NFIP) Community Rating System (CRS), according to a recent announcement by FEMA. CRS is a voluntary program that recognizes and encourages community floodplain management practices that […]

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 […]

Auto Insurers Contend With Rising Costs

Auto Insurers Contend With Rising Costs By Max Dorfman, Research Writer, Triple-I Auto premiums continue to increase as rising labor and material prices, alongside natural disasters, are forcing insurers to contend with significant losses. As  Triple-I previously found in its January report, Insurance Economics and Underwriting Projections: A Forward View, “commercial auto underwriting losses continue, […]

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 […]

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