Posts Tagged ‘Catastrophe’



October 17th, 2017

California Wildfires – October 8-17, 2017 - Update

Posted at 6:52 PM ET

calif-wildfires-10-8-17-smWildfire activity has rendered especially severe impacts to certain areas of California since October 8, including areas of Napa, Sonoma and Solano Counties. Wildfire activity has also rendered impacts to areas of Orange County east of the Los Angeles Metro area. Rates of extreme fire spread were enabled by especially dry conditions together with offshore gusty winds to burn a total of at least 217,566 acres since October 8. Media reports indicate at least 41 fatalities, making this the deadliest series of fires in California history. At least 5,700 structures have been destroyed and thousands more remain under threat. Containment efforts have made significant progress in the last week, thanks to efforts of at least 10,000 firefighters and reduced winds. Cooler conditions with an increase in moisture are expected this week with a chance for some precipitation over Northern California, according to the U.S. National Weather Service (NWS); this should support containment efforts. It will take some time to fully ascertain the full scope and severity of this event, and our first thoughts and concerns are with those lost and directly affected.

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October 16th, 2017

Interoperability: A Case For Open Source - GC@PCI Commentary

Posted at 11:30 AM ET

peter-hearn-2-smPeter Hearn, President & CEO

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  • Industry-wide call for increased transparency in cat modeling
  • Interoperability facilitates collaboration of multiple data sources
  • Open source models allow insurers to develop own view of risk Continue reading…
October 16th, 2017

Flood Insurance: The 2018 Market Opportunity - GC@PCI Commentary

Posted at 8:30 AM ET

hayes_j_bio-sm1kulik-john-sm3Jonathan Hayes, Managing Director and John Kulik, Senior Vice President

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  • The U.S. insurance industry is actively seeking new opportunities for growth in a challenging market by identifying untapped customer needs. The potential flood market is over five times the size of the most often mentioned new market, cyber insurance
  • Greater access to flood data and loss results and more reliable exposure modeling are enhancing the flood (re)insurance marketplace
  • Several developments are helping carriers understand and monitor aggregation

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October 15th, 2017

Reinsurance Market Poised to Remain Vibrant Following Recent Catastrophe Events - GC@PCI Commentary

Posted at 11:30 AM ET

priebe_david_photo-sm1David Priebe, Vice Chairman

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  • The recent series of catastrophic events - earthquakes in Mexico, Hurricanes Harvey, Irma and Maria - is reminding cedents that reinsurance is one of the most effective ways to protect corporate capital bases
  • Harvey on its own is likely an earnings event that will probably not require an increase of industry capital; the addition of the cumulative effect of the earthquakes in Mexico and Hurricanes Irma and Maria, however, could create a capital event
  • The earthquakes and hurricanes provide an opportunity to define the viability and effectiveness of the 144A product. We expect that these instruments will demonstrate their effectiveness and serve their intended purpose

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October 10th, 2017

California Wildfires – October 8-10, 2017

Posted at 5:19 PM ET

calif-wildfires-oct-8-10-2017-sm

Wildfire activity has recently rendered severe impacts to areas of California, including the Napa Valley area as well as areas east of the Los Angeles Metro area. The event is still developing, but media reports indicate more than a thousand structures burned with thousands more still under threat. At least 13 fatalities have been reported. Rates of extreme fire spread have been enabled by especially dry conditions together with offshore gusty winds.

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October 10th, 2017

Hurricane Nate

Posted at 5:04 PM ET

hurricane-nate-smHurricane Nate made landfall on October 7 near the mouth of the Mississippi river and then near Biloxi, Mississippi as a Category 1 hurricane on the Saffir-Simpson Scale. Maximum sustained winds at landfall were 85 mph, according to the National Hurricane Center (NHC). Nate is the fourth hurricane to make U.S. landfall in the past two months and the first hurricane to make landfall in Mississippi since Hurricane Katrina (2005).

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October 5th, 2017

GC Capital Ideas CAT-i Stories: Third Quarter, 2017

Posted at 4:00 AM ET

Here is a look back at the CAT-i stories covering July through September of 2017.

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September 21st, 2017

Hurricane Maria

Posted at 2:13 PM ET

h-maria-track-1-smHurricane Maria has affected areas of the Caribbean as a severe Category 4 or 5 hurricane, rendering severe damage due to wind and flood to areas including Dominica, Saint Croix and Puerto Rico. At least seventeen fatalities have been reported by media along with 20 missing and these numbers may rise as the most severely damaged areas become accessible. Severe to complete damage has been reported in Dominica. Variable damage to property and infrastructure has been reported in Puerto Rico, and power and drinking water have been compromised, with media reports that the entire island is without power. Our first thoughts and concerns are with those lost and directly affected by this event.

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September 21st, 2017

Catastrophe Events Occurring In North America Recently

Posted at 1:00 AM ET

Here we review GC Capital Ideas posts on the three most recent catastrophe events occurring in North America within a period of 16 days.

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September 20th, 2017

7.1 Mw Earthquake Near Raboso, Mexico

Posted at 1:51 PM ET

7-1-eq-raboso-mexico-smA magnitude (Mw) 7.1 earthquake struck near Raboso, Mexico yesterday, according to the U.S. Geological Survey (USGS). The quake occurred at 1:14 p.m. local time (18:14 UTC), with Mexico City approximately 122 kilometers (75.9 miles) southeast of the epicenter.

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