Fires and Floods: 2017 Year in Review

2017 wasn’t very happy for the insurance industry thanks to three nasty grinches named Harvey (in Texas), Irma (in Florida) and Maria (in Puerto Rico). Because coastal development has been so strong over recent decades, these hurricanes could result in total losses of $100 billion! Despite that massive number insurance carriers are not forecast to be overly stressed because only 18-20% Florida and Texas residents have flood insurance, and carriers have their own insurance (called reinsurance) to cover excessive loss. Continue reading “Fires and Floods: 2017 Year in Review”