Convective storms result from warm, moist air rising from the earth, and depending on atmospheric conditions, may develop into tornadoes, hail, thunderstorms with lightning, or straight-line winds. Convective storms are the most common and damaging natural catastrophes in the United States, according to Triple-I’s May 2020 white paper, Severe convective storms: Evolving risks call for innovation to reduce costs, drive resilience.
Product liability insurance protects the manufacturer, distributor, or seller of a product from legal liability resulting from a defective condition that caused personal injury or damage associated with the use of the product. Product recall insurance, a specialty product designed to cover the costs associated with recalls, is also available from some insurers.
Property/casualty insurance can be broken down into two major categories: commercial lines or types of insurance and personal lines. Personal lines, as the term suggests, include coverages for individuals—auto and homeowners insurance. Commercial lines, which account for about half of U.S. property/casualty insurance industry premium, include the many kinds of insurance products designed for businesses.
Insured losses from natural catastrophes totaled $130 billion, 76 percent above the 21st century average, and 18 percent higher than 2020, according to the 2021 Weather, Climate and Catastrophe Insight report from Aon.
Hurricane Ida was the largest insured loss event in 2021 and the fourth costliest hurricane on record with $36 billion in insured losses.
September 11, 2001, like the bombing of Pearl Harbor on December 7, 1941, is a day that lives in infamy. But 9/11 was different in the sense that the attacks targeted not only a military site—the Pentagon building in Virginia—but an internationally recognized building which was the workplace for thousands of civilians, New York City’s World Trade Center. Nearly 3,000 people died on 9/11 in Virginia, New York and Pennsylvania as a group of terrorists hijacked four commercial airplanes, and turned them into weapons of mass destruction.
