Hurricane Idalia today did much less damage than Hurricane Ian did last year.
Hurricane Idalia, which made landfall in Florida today, is testing a big bet by Berkshire Hathaway earlier this year. The company has ramped up its reinsurance underwriting in the state driven by attractive high premiums. Now it’s time to see whether the losses brought by this hurricane season will offset those gains.
So far, things are looking up for the Warren Buffett company. Hurricane Idalia made landfall Wednesday as a powerful Category 3 storm, but weakened to a Category 1 hurricane as it made its way across Florida toward Georgia. However, demand at the mid-year renewal was down, particularly in Florida, said RenaissanceRe CEO Kevin O’Donnell in July’s earnings call. One of the reasons, he says, is that many primary insurers have reduced their exposure in the state or stopped underwriting altogether. Many of these policies went to Citizens, the state-backed property insurer, which typically purchases less reinsurance.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Video shows Hurricane Hunters fly through eye of Hurricane FranklinThe Hurricane Hunters flew into the eye of Franklin on Saturday to gather more data about the storm, which is expected to continue to strengthen into the first major hurricane of the Atlantic hurri…
Read more »
Double threat: Hurricane Idalia and Hurricane Franklin lurk off southeast U.S.Idalia could hit the Florida Panhandle as a major hurricane and Franklin is already the Atlantic season's first major hurricane, forecasters said.
Read more »
Hurricane Idalia latest: Storm becomes hurricane as winds pick upIdalia is officially a hurricane as its winds picked up to 75 mph early Tuesday morning amid its trajectory toward Florida.
Read more »
Hurricane Idalia rapidly intensifying, eyeing Florida as a major hurricane with life-threatening impactsFlorida Gov. Ron DeSantis declared a state of emergency for dozens of counties over the weekend and prepositioned resources to provide immediate support for areas that will be impacted by Hurricane Idalia.
Read more »
Hurricane Idalia, Hurricane Franklin put on powerful show as seen from spaceSatellite imagery from NOAA showed the power of Hurricane Idalia and Hurricane Franklin at sunrise on Tuesday morning.
Read more »
Hurricane Season, Not Climate Change, Is to Blame for Hurricane IdaliaThe data show the more likely impact is climate change is making hurricanes and other extreme weather events less frequent and less severe.
Read more »