January 20th, 2009

Tropical Cyclones Making U.S. Landfall in 2008

Posted at 1:00 AM ET

Dr. Rebecca Cheetham, European Model Development Team, Instrat®
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Six tropical cyclones made landfall in the United States in 2008. Edouard, Fay, and Hanna made U.S. landfall as tropical storms, while Dolly, Gustav, and Ike came ashore as Category 2 hurricanes. Hurricanes Dolly and Gustav both caused considerable amounts of damage, and Hurricane Ike has been provisionally ranked as the fourth most damaging system in U.S. history (see below).

There has been considerable controversy over Ike’s total insured loss. ISO PCS claims that Hurricane Ike caused an insured loss of USD10.7 billion in the United States, but other industry estimates suggest the loss may be far greater. Swiss Re estimates that Hurricane Ike’s total insured loss (onshore and offshore) could reach USD20 billion, which would make the storm the fourth biggest insurance loss ever. Munich Re, meanwhile, said that Hurricane Ike caused an estimated economic loss of USD30 billion, with insurance claims reaching USD15 billion. Please note that PCS’ definition of industry loss does not include categories of risks that others generally provide. In all, the 2008 Atlantic tropical cyclone season was one of the most damaging on record.

 

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Guy Carpenter’s Instrat® department provides CAT-i reports for major natural catastrophes worldwide. These reports cover catastrophes including worldwide tropical cyclones, earthquakes, major UK and European floods and any other natural event that is likely to incur a significant loss to the (re)insurance industry. Please email CAT.i@guycarp.com if you wish to be added to the free email distribution list.

Instrat also provides RISK-i reports for major technological or man-made events worldwide. These reports cover risks to property, transport and life including explosions, fires, crashes, engineering disasters and terrorist attacks that are likely to incur a significant loss to the (re)insurance industry. Please email RISK.i@guycarp.com if you wish to be added to the free email distribution list.

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