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This year is lining up to be the 11th in a row in which hail-pummeled homeowners incur at least $10 billion in losses, which represents almost 70percentt of insured property losses from severe storms annually.
These synthetic hurricanes damage a portfolio of insured property according to an aggregate wind-damage function; damage from flooding is not considered here.
An entire industry of weather bookies -- scientists who calculate the likelihood of various natural disasters -- had in effect set the odds: a storm that destroys $70 billion of insured property should strike the United States only once every 100 years.
But scientific literature on that topic suggests that much of the rise has to do with rising populations and an increase in the value of insured property at risk.
Some analysts have suggested that "catastrophic losses will likely double every 10 years and the present government insurance approach might not be adequate". CRS cites a 2006 speech by an expert, who emphasized increased values of insured property at risk and higher replacement costs.
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Records provide detailed descriptions of insured properties, day to day operational costs including the cost of equipment and supplies, and the names, wages, and duties of mine workers.
Stipulates a fixed sum for insured property in the event of loss when included in a marine cargo insurance policy.
UNLIKE most other types of insurance, political risk coverage grants ownership of the insured property to the insurance company if it must pay a claim.
Large disasters caused at least $13.75 billion in damages to insured property, the survey by the Swiss Reinsurance Company said.
Typically, those policies value household goods at 10% of the value of the insured property.
The total value of the insured properties that year was $884.7 billion.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com