Severe convective storms and flooding in the US during March are estimated to have caused more than $1 billion of insured losses, according to an Aon report. Aon says a preliminary total of 122 tornadoes were confirmed in March, with the most severe damage occurring in Alabama, Georgia, Mississippi, Tennessee and Texas.
The Federal Emergency Management Agency is revising how coverage is priced under the National Flood Insurance Program to account for factors including property values, not just elevation within a flood zone. The new methodology will apply to new policies starting Oct. 1 and to existing policies a year from now, and FEMA estimates that rates will rise significantly for about 200,000 policies and decline for about 1.15 million policies.
A bill passed by the New Jersey Legislature would mandate that certain insurers provide disclosures to current and prospective policyholders on whether a commercial property policy's business interruption coverage extends to pandemics. Alison Cooper of the American Property Casualty Insurance Association welcomed the measure and said insurers "are committed to helping their customers fully understand their business interruption policies and the coverage options available to them, especially in the midst of a pandemic."
California Gov. Gavin Newsom and legislative leaders have proposed spending $536 million on measures to curtail wildfire risk. More than $350 million would go toward fire-prevention measures such as vegetation reduction, while $25 million will go toward improving the fire resistance of older homes.
Severe weather including powerful wind, tornadoes and hail caused damage in Florida, Arkansas, Louisiana and Mississippi over the weekend. The storms are blamed for at least three deaths, one in Florida and two in Louisiana.
A National Hurricane Center report says Hurricane Delta resulted in damage totaling $2.9 billion in the US. The storm made landfall in Louisiana in October, about a month after Hurricane Laura struck the same area, and it is blamed for six direct and indirect deaths in the US and Mexico, according to the report.
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