Bryan Holaday’s Post

Hurricane Helene losses will likely be larger than Idalia: AM Best http://spr.ly/6048o2SiG #reinsurance #insurance

Following the devastating landfall of Hurricane Helene in Florida, reinsurance broker Gallagher Re has significantly increased its estimate of insured losses. Steve Bowen, Chief Science Officer at Gallagher Re, now predicts that economic losses will exceed $10 billion, with the impact to the private insurance market falling between mid-to-high single-digit billion dollars. This is a notable increase from the previous estimate of $3 billion to $6 billion. Bowen stated: “Very limited flood insurance take-up in far inland areas is going to mean a large portion of damage will be uninsured." Read the full story here: https://lnkd.in/e765NTgV #insurtechinsights #reinsurance #hurricanehelene #insurance #climate #florida

🌪️ Hurricane Debby: Why Flood Insurance Matters 🌊 As Hurricane Debby nears the East Coast, it's a vital reminder of the need for preparedness, especially regarding flood insurance. Flooding is a costly natural disaster, often underestimated by homeowners. Here’s why flood insurance is essential, even outside high-risk zones: Not Covered by Homeowners Insurance: Standard policies don't cover flood damage, leaving many financially vulnerable after a flood. Floods Can Occur Anywhere: Over 20% of flood claims come from areas outside high-risk zones. Affordable Peace of Mind: Flood insurance can be a cost-effective safeguard against potentially devastating financial losses. As an insurance advisor in East Hampton, New York, I'm here to help assess your flood risk and find the right coverage for you. Let's talk about securing your home and investments against nature's unpredictability. Stay safe, everyone! #HurricaneDebby #FloodInsurance #EastHampton #InsuranceAdvisor #Preparedness

Dewdice Insurance Insights Hurricane Francine, Lousiana – Mid Sept 2024 ● Loss Estimates: The insured losses from Hurricane Francine are projected to be between $1 billion to $3 billion, with various analysts suggesting that the actual impact might be manageable for insurers. ● Historical Context: This storm is notable as the eighth Category 2 or larger storm to strike Louisiana since 2000, underscoring ongoing concerns about climate-related weather events. ● Impact on Insurers: Rating agency AM Best indicated that primary carriers would bear the brunt of the claims, potentially testing the resilience of companies heavily invested in the Gulf Coast region. ● Comparison with Other Events: The estimated losses are on par with other recent storms, such as Hurricanes Beryl and Debby, which have caused similar levels of insured losses Source: Insurance Insider . . "🚀 Join Reinzure, the B2B marketplace driven by innovation, connecting brokers, insurers, and reinsurers to reshape the insurance landscape. Streamline deals, unlock new growth, and be part of the future of insurance. The evolution starts now—are you in? 🌟 Inquire now to see how Reinzure can benefit your business! 💬 #Insurtech #Reinzure #B2BInsurance #Reinsurance #Innovation #FutureOfInsurance #Dewdice

🌪️ Hurricane Milton's $30 Billion+ Impact on the Insurance Industry 🌪️  Hurricane Milton is shaping up to be one of the costliest storms in recent history, with losses expected to exceed $30 billion and could reach upwards of $60 billion. This estimate doesn't include boats, offshore properties, or losses from the National Flood Insurance Program (NFIP). Key Takeaways:   • Wind Damage Drives Insurance Claims: With most damage caused by wind, a larger proportion of losses will be covered by insurance.   • Reinsurance Costs to Rise: Florida has been hit by two hurricanes back-to-back. This may push reinsurance prices higher during mid-year renewals.   • Rising Claim Costs Due to Shortages: A limited supply of labor and building materials could inflate claim amounts by as much as 20%. The insurance industry is facing mounting challenges, and the ripple effects of Hurricane Milton will likely be felt for months to come.  #Insurance #HurricaneMilton #Reinsurance #Claims #Florida

🚨 CEOs & Presidents: Hurricane Season Calls for Immediate Action! 🚨 Flood Insurance: A Necessity, Not an Option: With hurricane season looming, it’s critical to address the elephant in the room: Is your business truly prepared? Floods, the silent business killers, are often underestimated until it's too late. Underestimated Threats: Most businesses believe "it won't happen to us" until it does. Floods are the leading cause of natural disaster losses. The Stark Reality: More than 40% of businesses hit by natural disasters never reopen. Adequate preparation, specifically flood insurance, is not just important; it's essential for your business's survival. Coverage Gaps: It's a common mistake to assume standard commercial policies cover flood damage. They typically don't, which can lead to catastrophic outcomes. Why Act Now? As a commercial insurance broker, I’ve seen the difference proper coverage can make. It’s not merely about damage control; it’s about business continuity, resilience, and recovery. Let’s Prepare Together: Don’t let a flood wash away your hard work. The right coverage ensures that a disaster is just a hurdle, not the end of your business journey. Reach Out Today For a commercial insurance stress test that includes comprehensive flood insurance, DM me. Together, we can safeguard your business against the unpredictable. #floodinsurance #commercialrealestate #multifamily

Potential Impact of Hurricane Forecast on Florida's Insurance Rates Did you know CSU predicts 23 named storms for 2024? With insurance companies likely to raise premiums to cover potential losses, reflecting the global reinsurance market’s reassessment, Florida homeowners may face higher premiums. Reinsurance protects insurers from financial strain, but the increased hurricane threat complicates the situation. The shift from El Niño to La Niña patterns adds to the worries, impacting Florida’s property insurance market stability. However, the approval of eight new insurers offers consumers more choices, potentially affecting rates and market dynamics. Stay informed and prepared! #yourcaringrealtor #florida OLENA JOHNS +18503809539 #olenajohns #FloridaHome #HomeownerSupport #movetoflorida #behome #sellhome #buyhome #internationalrealtor #pensacolarealtor #Florida #Insurance #HurricaneSeason #RealEstate

Hurricane Milton estimate: upper end of insured losses increases from $50 billion to $60 billion in latest estimates. #insurance #insuranceindustry #reinsurance https://lnkd.in/expK38VQ

The total economic loss from Hurricane Helene is likely to exceed $150-Billion. It's quite possible that Helene will end up being one of the five costliest storms in US history. Amazingly, however, the insured loss is projected to be well under $10-Billion. A "rule of thumb" for these events in the United States is to assume that 50% - 75% of the total economic loss has been transferred to the insurance industry, with a significant portion of that transferred again to the reinsurance industry and capital markets. Capital flows "up the stack" which builds economic resilience at the community level (homeowners, business owners, renters, etc). In this case, "Insured losses are much lower than the total economic impact, as flood damage is typically excluded from standard property policies and only covered by supplemental policies or from the National Flood Insurance Program. Property owners in Georgia and South Carolina also carry less flood coverage than people in Florida, which has been regularly battered by storms." This presents a fascinating nuance in the risk transfer markets. This event exposes a massive gap in economic resilience for communities that aren't facing the obvious risks but are at risk nonetheless. (Subscription needed):

🌀 **Hurricane Season Alert: Secure Your Flood Policy with J&D Insurance Associates** 🌀 As the hurricane season approaches, it's critical to ensure your peace of mind by reviewing and securing your flood insurance coverage. At J&D Insurance Associates, we understand the urgency and importance of being prepared for any eventuality. - **Don't Wait Until It's Too Late:** The time to act is now. Waiting until a storm is on the horizon could leave you and your assets vulnerable. Ensure your flood policy is in place and your coverage amounts are accurately assessed to protect what matters most to you. - **Expert Guidance Just A Call Away:** Our team at J&D Insurance Associates is here to help you navigate through your options and make informed decisions. Whether you need to update your policy, adjust coverage, or if you're unsure where to start, we're here to guide you every step of the way. - **Contact Us Today:** Don't delay your preparedness. For a comprehensive review of your flood insurance or to get started with a new policy, call us today at 239-799-5411. Your safety and security are our top priorities, and we're committed to ensuring you're fully protected this hurricane season. Stay safe and protected with J&D Insurance Associates – Your trusted partner in safeguarding your future. #HurricanePreparedness #FloodInsurance #SafetyFirst #JDInsuranceAssociates #insurance #insurancesolutions #floodinsurance