News

Insured Ida Losses

Insured Ida Losses

"AIR Worldwide, which models disaster impacts for the insurance industry, estimates Ida caused insured losses of $20 billion to $30 billion nationwide. (AIR did not estimate economic losses, which are always higher than insured losses, because some damage is...

Ida Impact

Ida Impact

Ida's insurance impact is likely to be boosted by pandemic pricing (yahoo.com) Insurers are bracing for $15 billion to $30 billion in claims from Hurricane Ida, but the figure could jump higher, in part because of pandemic pricing that has pushed up the cost of lumber...

Elsa Losses Estimated at $290 Million

Insured losses from Hurricane Elsa estimated at $290M | Business Insurance "Insured losses to onshore properties from Hurricane Elsa will be around $290 million, according to Boston-based catastrophe modeler Karen Clark & Co. Elsa caused some $240 million of...

Xactimate X1 Transition Video

Xactimate X1 Transition Video

Transitioning from Xactimate 28 to Xactimate desktop (X1) (xactware.com) "On July 31, 2021, support for Xactimate desktop version 28 will no longer be available and end of life for Xactimate desktop version 28 will occur on December 1, 2021. Even though the software...

Lumber Prices Peak?

Lumber Prices Peak?

“The futures price for lumber peaked in early May. But the “cash” price (the price sawmills charge distributors and wholesalers) kept hitting new all-time highs through last week. That has finally reversed: On Friday, the cash price per thousand board feet of lumber fell to $1,446, according to industry trade publication Random Lengths. That’s down from the $1,515 all-time high set a week prior. Shawn Church, editor at Random Lengths, tells Fortune the dip suggests the “market has tipped.”

Mississippi Tornado Damage

Mississippi Tornado Damage

“Multiple tornadoes were reported across Mississippi on Sunday, destroying homes and uprooting trees before the storm system moved into Atlanta, prompting residents Monday to seek shelter in Georgia’s largest city. There were no immediate reports of injuries.”

Lumber Prices Have Quadrupled Over the Last Year

“The sticker shock you might be feeling is all about supply and demand and a little about COVID-19. The director of purchasing and finance with Renaissance Homes, Marc Hartman, said last January it cost him about $8 for a sheet of plywood. Today, that price is closer to the mid-$40 range. In some cases, it’s costing $20,000-$25,000 dollars or more to build a home with just the high cost of plywood alone…”

Hail Causes Billions in Damage to TX and OK

Hail Causes Billions in Damage to TX and OK

“AccuWeather Senior Vice President and Chief Meteorologist Jonathan Porter estimates “total damage and economic loss caused by Wednesday night’s hailstorms are predicted to be about $3.5 billion.”

“To put the economic toll of these storms into context,” Porter continued, “AccuWeather’s estimate for Hurricane Isaias, a Category 1 storm that struck the Caribbean and moved up the Eastern Seaboard of the U.S. in July and August of 2020, was $3 billion to $5 billion. It is yet another in a series of $1 billion-plus weather disasters.”

COVID-19 And Business Interruption Insurance: Ambiguity Remains

“…as we cross this one-year anniversary, that lack of clarity persists as insurance carriers and courts apply policy considerations in strikingly differing manners. This is resulting in wildly varying outcomes for insureds. Most claims against insurers for denial of business interruption insurance claims turn on 1) the issues of whether a “physical loss” has occurred, or 2) whether virus exclusions preclude coverage.”