AXA Climate & Hailios to expand access to parametric hail insurance

AXA Climate, the parametric specialist risk transfer managing general agent (MGA) unit of global insurance and reinsurance company AXA, has partnered with Hailios, a company that leverages technology and sensors to help close gaps in hail protection. The goal of the partnership is to expand access to parametric hail insurance to read the full article →

Hailios aims to close the hail insurance gap with parametrics & sensors

Regular readers know we love a parametric trigger where the data inputs are sensor-derived and located on-site for the insured or covered party. Hailios is doing this for hail coverage, an area where significant gaps in insurance protection are often evident. Hailios has developed its own sensor technology for sensing and read the full article →

Billion dollar losses possible from night of large hail in Oklahoma & Texas

Once again a large hail storm event looks set to drive at least economic losses towards the billion dollar mark, perhaps insurance and reinsurance market losses too. Last night, areas of Oklahoma and Texas experienced severe convective storms that drove large hail into metro areas, with hail stones of three-inches diameter read the full article →

US convective storm insured losses hit record $30bn in 2020: Munich Re

Severe convective storm, thunderstorm and severe weather impacts reached a record high last year, as the peril drove the largest share of annual natural disaster losses that were covered by insurance and reinsurance in the United States during 2020, according to data from Munich Re. The convective storm peril, which includes read the full article →

U.S. weather & catastrophes drive over $23bn economic costs in August: Aon

Severe storms, convective weather and large hail across the eastern two-thirds of the United States from August 8th to 12th, including the Derecho that struck the Iowa and Illinois region, is estimated to have cost around $6.5 billion, with more than half of the total likely covered by insurance. The Derecho read the full article →

U.S. severe storms, hail & Derecho to drive multi-billion dollar losses: Aon

The United States has again been hit by a prolonged period of severe weather this week, with severe storms, convective weather, large hail storm events and a Derecho that struck the Iowa and Illinois region, all adding up to multi-billion dollar economic losses, with most of the wind and hail read the full article →

Multi-billion severe weather losses across North America in June: Aon

The United States and Canada experienced multi-billion dollar insurance and reinsurance losses from severe weather during the month of June 2020, with hail storms in Calgary and convective weather in the U.S. driving the largest share, according to Impact Forecasting. Insurance and reinsurance broker Aon's catastrophe risk modelling and weather analytics read the full article →

Calgary hail storm among costliest in Canada, likely to exceed C$1bn: Aon

A recent severe hail storm event that impacted the Calgary area of Alberta, Canada is expected to become on the most costly hail loss events in the country's history, with economic costs likely to exceed C$1 billion (US $735m), the majority of which will be covered by insurance and possibly read the full article →

Severe weather, tornadoes, hail, floods drive multi-billion insured loss in May: Aon

The insurance and reinsurance market faced another month of severe weather in the United States in May 2020, with the market set for the third consecutive multi-billion dollar insured loss month this year, according to Impact Forecasting. Impact Forecasting, the weather, climate and risk modelling unit of insurance and reinsurance broker read the full article →

Industry loss from U.S. severe convective storms passes $13bn YTD: Aon

2020 looks set to be another significant year for severe convective storm losses in the United States, with the insurance and reinsurance market already on the hook for over $13 billion of costs year-to-date, with hail again a significant driver. In 2019, severe convective storms and severe weather drove almost $23 read the full article →