Zero depreciation car insurance: 5 things to know
Zero depreciation car insurance ensures that the insurance company does not deduct the depreciation value of car parts while settling a claim.
Triple-I Brief Highlights Rising Inland Flood Risk
The devastation wrought by Hurricane Helene in September 2024 across a 500-mile swath of the U.S. Southeast highlighted the growing vulnerability of inland areas to flooding from both tropical storms and severe convective storms, according to the latest Triple-I “State of the Risk” Issues Brief. These events also highlight the scale of the flood-protection gap in non-coastal areas. Private insurers are stepping up to help close that gap, but increased homeowner awareness and investment in flood resilience across all co-beneficiary groups will be needed as more and more people move into harm’s way. Helene dumped 40 trillion gallons of water across Florida, Georgia, the Carolinas, Virginia, and Tennessee, causing hundreds…
Hurricane Helene Highlights InlandFlood Protection Gap
By Lewis Nibbelin, Contributing Writer, Triple-I Spanning over 500 miles of the southeastern United States, Hurricane Helene’s path of destruction has drawn public attention to inland flood risk and the need for improved resilience planning and insurance purchase (“take up”) to confront the protection gap. Extreme rainfall and wind inflicted a combination of catastrophic flooding, landslides, and extreme rainfall and wind gusts dumped an unparalleled 40 trillion gallons of water across Florida, Georgia, North Carolina, South Carolina, Virginia, and Tennessee, causing hundreds of deaths and billions in insured losses. Most losses are concentrated in western North Carolina, with much of Buncombe County – home to Asheville and its historic arts…
Florida InsurersCan Weather AnotherBig Storm This Season
Despite warnings from two leading insurance rating agencies that Hurricane Milton weakened or threatened Florida’s recovering home insurance market, the market “can manage losses” from the Category 4 storm “and are ready to cover yet another hurricane,” if one should come this season, according to industry experts who spoke with the South Florida Sun Sentinel. AM Best and Fitch Ratings each issued reports last week warning that Milton could stretch liquidity of Florida-based residential insurers that are primarily focused on protecting in-state homeowners. But experts closer to Florida’s insurance industry cast doubt on those assertions. One reason is the two companies don’t rate most of the domestic Florida insurers whose…
Removing Incentivesfor Development From High-Risk Areas Boosts Flood Resilience
(Photo by Jonathan Sloane/Getty Images) By Lewis Nibbelin, Contributing Writer, Triple-I Withdrawing federal subsidies in climate-vulnerable areas can deter development and promote disaster resilience, according to a recent Nature Climate Change study. The study found that these benefits extend beyond the targeted areas. These findings underscore the utility of land conservation as hazard protection, as well as the critical role financial incentives play in driving – or obstructing – resilience. A natural experiment “Empirical research into this question is limited because few policy experiments exist where a clear comparison can be made of ‘treatment’ settings, where incentives for development have been removed, and ‘control’ settings, similar areas where such incentives…
CSU: Post-Helene, 2 More “Above Normal” Weeks Of Storm Activity Expected
(Photo by Joe Raedle/Getty Images) As work continues to address the harm inflicted by Hurricane Helene, researchers at Colorado State University (CSU) warn that the next two weeks “will be characterized by [tropical storm] activity at above normal levels.” The CSU researchers define “above normal” by accumulated cyclone energy (ACE) of more than 10. This level of hurricane intensity has been reached in less than one-third of two-week periods in early October since records have been kept. Hurricane Kirk, they wrote, is “extremely likely” to generate more than 10 ACE during its lifetime in the eastern/central Atlantic. Tropical Depression 13 has just formed and is likely to generate considerable ACE…
Why it is important to have third-party car insurance
Driving responsibly is crucial for safety, and third-party car insurance is mandatory in many countries, including India. Lacking this insurance can lead to legal penalties, financial liabilities, and potential imprisonment. It also affects future car ownership and insurance dealings. Third-party insurance ensures protection and responsible vehicle ownership.
The impact of car insurance on your car resale value
Car insurance significantly impacts the resale value of used cars. Factors such as Insured Declared Value (IDV), depreciation, claims history, and the type of insurance policy play crucial roles. Comprehensive insurance generally enhances resale value, while third-party insurance may lower it. Properly managing these elements can ensure a fair deal for both buyers and sellers.
Executive Exchange: Using Advanced Toolsto Drill Into Flood Risk
Analysis based on precise, granular data is key to fair, accurate insurance pricing – and is more important than ever before in an era of increased climate-related risks. In a recent Executive Exchange discussion with Triple-I CEO Sean Kevelighan, a co-founder of Norway-based 7Analytics discussed how his company’s methodology – honed by use in the oil and gas industry – can help insurers identify opportunities to profitably write flood coverage in what might seem to be “untouchable” areas. 7Analytics uses hydrology, geology, and data science to develop high-precision flood risk data tools. “We are four oil and gas geologists behind 7Analytics,” said Jonas Torland, who also is the company’s chief…
‘It’s not right’: Flood victim deals with insurance frustration after July storm in Toronto
Like hundreds of other homeowners who suffered a loss in the July flood, Rebecca Benson has been consumed with dealing with a restoration contractor and her insurance company.
