Insured losses from natural disasters up 51 per cent in first half 2016
Total estimated insured losses from natural disasters for the first half of 2016 were up 51 per cent to $31 billion according to preliminary sigma data from
Swiss Re.
The report shows that earthquakes in Japan; thunderstorms in the US and Europe; and Canadian wildfires; caused the largest insured losses. The global insurance industry covered 44 per cent of the total economic losses of $71 billion.
Three storms in the US led to a combined $7 billion of insured losses while the Canadian wildfires resulted in a $2.5 billion cost to insurers.
Louisiana gives flood victims extra time to pay premiums
Policyholders affected by the devastating floods in Louisiana have been given extra time to pay their insurance premiums and additional protection by the state’s insurance commissioner.
Jim Donelon announced Thursday that the Department of Insurance has triggered an emergency rule for 20 parishes which will be in force from Aug. 18 until Sept. 10 2016.
Donelon noted that the floods have hit mail and other communication services and “affected the ability of citizens to timely pay their insurance premiums and communicate with insurance agents and their respective insurance companies.”
He also said that his own ability to carry out his duties has been hindered by the floods.
Emergency rule 27 also prevents insurers from cancelling policies where policyholders cannot comply with certain conditions including requirements for a home to be occupied to be covered.
Almost half of Californians say health insurance costs too much
Despite the aims of the Affordable Care Act, almost half of Californians who do not have health insurance say that the cost is the main reason.
Almost three-quarters of previously uninsured state residents are now covered, a survey by the Kaiser Health Foundation found, but the largest share (33 per cent) of recently-insured are now covered by the state’s Medicaid program Medi-Cal.
Among other insured Californians, 10 per cent used the state’s marketplace and 21 per cent have employer coverage. Most (79 per cent) Californians are satisfied with their health insurance plan.
For those that remain uninsured, 47 per cent cite the cost as being too high or unaffordable, 19 per cent have eligibility issues, and 2 per cent oppose the ACA.
