Hurricane Isaias to drive $1bn+ insured & economic losses

07.08.2020 902 views
Economic and insured loss totals from the impact of Hurricane Isaias are each individually expected to surpass the $1 billion threshold, according to analysts at Aon. Isaias swept across the Caribbean over July 28th to August 1st with notable impacts in the Dominican Republic, Puerto Rico, and the Bahamas. It later tracked up parallel to the Florida Coast before landfalling in North Carolina on August 3rd as a Category 1 Hurricane with maximum sustained wind speeds of 85mph. Significant impacts were experienced along a large portion of the eastern seaboard, including historic storm surge, hurricane force wind gusts, flooding rainfall, and damaging tornadoes. Isaias became the second hurricane, and the fifth storm to make landfall in the US during the 2020 Atlantic Hurricane season. Across the Dominican Republic, landslides and downed trees were reported across multiple provinces, while 131 towns were isolated due to flooding of streams and rivers. Preliminary surveys indicated 1,119 damaged homes throughout the country, with the most significant damage reported in Hato Mayor. In Puerto Rico, at least 438,000 customers lost power and several river gauges were recorded at above flood stage after portions of the island received between 6 to 10 inches of rainfall. And similarly, in the Bahamas, there were widespread reports of power interruptions, downed utility lines, fallen trees, and flooding, as well as storm surge damage and substantial crop loss. Hurricane Isaias brought only minimal impacts as it tracked up the coast of Florida, but brought notable storm surge across portions of coastal South Carolina. Following this, the storm brought 2 to 4 inches of rainfall to North Carolina, as well as hurricane force wind gusts reaching 99 mph at Federal Point, and multiple confirmed tornadoes. A NWS damage survey reported dozens of destroyed mobile homes, along with multiple single-story homes – some of which were left unrecognizable – while flooding inundated roadways and stranded vehicles. Aon reports that the hurricane then moved up across Virginia, where similar levels of inland flooding were reported, before tracking across Maryland and Delaware, where it caused more flooding and minor wind damage. Beyond this, Isaias continued to cause minor disruption in Pennsylvania, New Jersey and New York as it weakened significantly, although power outages and downed trees were reported as far as Connecticut and New Hampshire. While Aon believes that the economic and insured loss totals from Isaias will both eventually surpass $1 billion, it warned that it remains too early to provide a more precise loss estimate, given that damage surveys across the Caribbean, US and Canada remain on-going. Source - https://www.reinsurancene.ws
26.07.2026

Zimbabwe cattle and health cover for farmers

As climate change exposes Zimbabwe’s smallholder farmers to increasingly frequent droughts and extreme weather, the Insurance Council of Zimbabwe (ICZ) will broaden agricultural insurance beyond crops to include livestock, health, and funeral cover to lessen the financial impact of climate-related disasters.

26.07.2026

U.S. Farm Aid Could Hit $55.4 Billion as Debate Grows Over Long-Term Subsidy Dependence

A proposed $11.1 billion aid package reignites concerns that temporary farm relief may become a permanent pillar of U.S. agriculture.

26.07.2026

India - Bengal govt to bear farmers’ premium share under PMFBY

The Bengal government has set the ball rolling for implementing the Pradhan Mantri Fasal Bima Yojana (PMFBY), deciding to bear even the farmers’ share of the insurance premium. 

26.07.2026

Spain - Cherry insurance plummets 63% in Alicante in five years

Cherry insurance contracts have fallen 63,46% in the province of Alicante between 2021 and 2026, according to the data analyzed by ASAJA Alicante.

26.07.2026

Crawford warns super El Niño threatens UK crop yields

Crops enter risky season as El Niño intensity forecasts climb.

26.07.2026

India - Collector G Raja Kumari sets July 31 deadline for crop insurance enrollment

Collector G Raja Kumari directs agriculture officials during a Zoom review meeting to take proactive measures against anticipated El Niño and drought conditions.

23.07.2026

USA - Michigan Crop Insurance Pilot Tests Whether Soil Health Can Lower Risk

Michigan Crop Insurance Pilot Tests Whether Soil Health Can Lower Risk.

23.07.2026

Greece - Severe Storms Cause Widespread Crop Damage in Evros

Severe storms and hail battered crops in Evros, damaging thousands of acres of cotton, corn, vegetables and walnut orchards, with losses now being assessed.