AIR Worldwide estimates that insured losses resulting from Florence, which hit the US as a Category 1 hurricane, could range from $1.7 billion to $4.6 billion, while Karen Clark & Co. says insured losses from the storm could total about $2.5 billion. Neither estimate includes losses covered by the National Flood Insurance Program.
A lawsuit seeking class status was filed Tuesday against the operator of gas pipelines after last week's series of explosions in Massachusetts, where the complaint alleges overpressurization resulted from "antiquated" gas lines. The state's US senators said the pipelines registered 12 times their usual pressure shortly before the blasts.
A BlackRock survey of 372 insurance and reinsurance executives in 27 countries found that 47% of insurers expect to heighten their portfolio risk exposure in the next year or two. Last year, only 9% of respondents said they planned to increase their risk exposure.
The National Weather Service has confirmed six tornadoes touched down in Virginia on Monday, when the remnants of Florence moved through the state. One tornado was an EF2 that left one person dead and destroyed a warehouse, while other tornadoes caused structural damage and downed trees.
Federal data show about 1% of inland homes in North Carolina have coverage under the National Flood Insurance Program, while inland properties are likely to face greater risk because of a growing number of storms like Florence, which moved slowly and dumped large amounts of rain. The Environmental Protection Agency has said existing flood maps represent only about a third of people facing high flood risk, and experts say those outside flood zones might mistakenly think they'll never need flood insurance.
A Willis Re survey suggests that insurers view "silent" cyberrisks, which affect non-cyberinsurance policies, as a greater threat than they did in 2017. "The increased concern might be due to actual large-scale events such as WannaCry and NotPetya, which demonstrated the potential for cyber-related losses in multiple lines of business," the report says.
The Financial Wellness Census shows one-third of Americans think they are better or worse off financially than they are. The Prudential Financial survey also finds that more than half of respondents think they will meet financial goals but that less than half are on track to do so.
NAIFA is preparing to introduce the online Limited and Extended Care Planning Center, a one-stop shop for long-term-care information and education for advisors and consumers. "We want to have a place where people can go and find relevant information on specific products and services quickly," says Carroll Golden, the center's director.
A re-examination of New York City's lead paint program uncovered significant failures to meet federal regulations in Section 8 housing, the city's department of housing preservation and development commissioner, Maria Torres-Springer, said. The department stated that "process enhancement needed to be made to ensure owner adherence to all federal guidelines for lead paint removal."
The remnants of Florence continue to move through the mid-Atlantic and Northeast, while the number of deaths from the storm has risen to at least 32 amid persistent flooding in the Carolinas and reports of tornadoes. Meanwhile, North Carolina Gov. Roy Cooper said crews have rescued 2,600 people, and Moody's Analytics estimates $17 billion to $22 billion or more of property damage and disruption from the storm.
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