Posts Tagged ‘Catastrophes’



August 24th, 2016

Emerging Risks: Modeling Considerations Moving Forward: Part II

Posted at 1:00 AM ET

william-garland-sm1Will Garland, Managing Director

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Clearly, we are entering a new phase of technological advances that will bring new exposures that were not present in any historical database. For example, two areas where technology risk has rapidly become apparent are nanotechnology and drones. Chemical technology breakthroughs from nanotechnology involved in making stronger and enhanced materials may have unknown liability outcomes many, many years in the future. Drones and other technological advances remove human input into the machine’s operations.

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August 23rd, 2016

Emerging Risks: Modeling Considerations Moving Forward: Part I

Posted at 1:00 AM ET

william-garland-smWill Garland, Managing Director

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Technological progress is accelerating at a rapid pace and with it are the risks and opportunities that accompany those changes in many different segments of our economy:

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August 15th, 2016

Chart: Percentage of Insured Versus Uninsured Natural Catastrophes (2000 To 2015)

Posted at 1:00 AM ET

Chart shows the global percentage of insured natural catastrophe loss versus uninsured natural catastrophe loss for the period 2000 to 2015.

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August 9th, 2016

Chart: Overall Losses and Insured Losses 1980 To 2014

Posted at 1:00 AM ET

Chart shows the widening gap between economic loss and insured loss for the period 1980 to 2014.

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June 30th, 2016

GC Securities* Catastrophe Bond Placements For First Six Months Of 2016

Posted at 1:00 AM ET

Here we review GC Capital Ideas posts on GC Securities* placement of catastrophe bonds completed over the first six months of 2016.

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March 21st, 2016

Guy Carpenter Cites El Niño and North Atlantic Oscillation as Key Climate Drivers in 2015

Posted at 11:30 PM ET

Guy Carpenter today reported that 2015 marked one of the strongest El Niño periods on record, while a positive phase of the North Atlantic Oscillation (NAO) was evident both at the beginning and close of the year.

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March 16th, 2016

Private Market Driven Innovations/Solutions, Part I

Posted at 1:00 AM ET

The 2015 Global Insurance Forum addressed the topic “Filling the Protection Gap” (1). During the conference, key speakers noted the growing divide between the economic losses societies are facing and the role of the insurance industry. Many (re)insurance leaders believe the industry can play a significant role in a rapidly changing global risk landscape with pre-loss financing solutions designed to spread risk, relieve the burden on public finances and improve the resiliency of communities.

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March 15th, 2016

Rates That Reflect Risk

Posted at 1:00 AM ET

Insurance marketplaces that are stable and viable in the long-term succeed when insurers offer policies and coverages at premium rates that are appropriate and are subject to the requirements and standards of not being excessive, inadequate or unfairly discriminatory. At the same time, premium rates should be balanced and take past and prospective loss and expense experience into consideration. When these factors are not successfully accomplished, a public sector solution often emerges.

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January 26th, 2016

GC Securities* Report Shows Moderated Catastrophe Bond Activity, Mixed Pricing Levels at Year-End 2015

Posted at 11:30 PM ET

GC Securities*, a division of MMC Securities LLC, a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today released a briefing of catastrophe bond activity for the fourth quarter and full year analysis of 2015. According to GC Securities, although 144A property and casualty (P&C) catastrophe bond primary issuance levels were charted as uncharacteristically low in the fourth quarter, totals at year-end were only slightly lower than the all-time high levels seen in 2014, with 2015 issuance totaling USD 5.917 billion, and outstanding risk capital totaling USD 22.640 billion, as of December 31, 2015.

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January 11th, 2016

GC Capital Ideas Top CAT-i Stories: For The Year 2015

Posted at 1:00 AM ET

Here is a look back at the top CAT-i stories for the year 2015.

1. 7.8 Mw Earthquake - Lamjung, Nepal: Nepal experienced a magnitude 7.8 earthquake on April 25, followed by two major aftershocks on April 25 and 26 of magnitude 6.6 and 6.7, respectively, according to the U.S. Geological Survey (USGS). Media reports indicate at least 5,582 fatalities, 11,200 injuries, and at least eight million people affected. Infrastructure and transportation routes have been severely disrupted and food and water shortages are of great concern. The USGS PAGER service estimates most probable economic losses between USD1 and USD10 billion. It is clear from media reports that impacts have been widespread and of excessive severity and our first thoughts and concerns are with the millions affected by this tragic event.

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2. Typhoon Soudelor: Typhoon Soudelor made landfall in Hualien County, Taiwan at about 05:00 CST Saturday (21:00 UTC Friday), with one-minute sustained winds of 120 mph (195 kilometers per hour) according to the Joint Typhoon Warning Center (JTWC). Soudelor brought excessive rainfall and strong winds to Taiwan, causing inland flooding, mudslides and reports of widespread damage.

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3. Winter Storm - January 26 - 28, 2015: The intense coastal storm is now clearing Atlantic Canada and steadily weakening. Blizzard and winter storm warnings have been discontinued, although winter weather advisories remain for select areas of New England. This storm lived up to expectations as an intense, impactful, and historic coastal storm, despite challenges on the forecast track and the especially sharp edge of the snow shield. Blizzard conditions with snowfall amounts of two to three feet affected a widespread area of New England and wind gusts exceeded hurricane force in some areas. The strong winds also produced a storm surge with greatest severity to coastal Massachusetts.

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4. 8.3 Mw Earthquake Near Illapel, Chile: Chile experienced an 8.3-magnitude earthquake on September 16, followed by dozens of aftershocks, including one at magnitude 7.0 and seven at magnitude 6.0 or above. According to the U.S. Geological Survey (USGS), the earthquake occurred near the coast of Coquimbo, about 46 kilometers (29 miles) west of Illapel at 19:54 local time. A tsunami warning was issued for the entire coast of Chile but has since been lifted. Initial media reports indicate at least 11 fatalities, although emergency crews are still accessing affected areas. The earthquake has forced more than one million people to evacuate from their homes and electrical power was cut off to 240,000 households. Heavy waves following the earthquake caused flooding in coastal towns although most buildings were reported to hold up well. The USGS pager service estimates most probable economic losses between USD 100 million and USD 1 billion. Our first thoughts and concerns are with those directly affected by this event.

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5. U.S. Texas and Oklahoma Flooding: Another round of heavy thunderstorms and intense rainfall affected the Southern Plains over the weekend. This follows a month of excessive rainfall in the area, with frequent periods of organized and slow-moving intense thunderstorms. Widespread and severe flooding has affected many areas, including flash flooding in both the Houston and Dallas-Fort Worth areas. Many area rivers have yet to crest after the last round of heavy rainfall.

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6. Hurricane Patricia: Hurricane Patricia made landfall on the Pacific Coast of Mexico as a Category 5 hurricane on the Saffir-Simpson Scale. Patricia was a compact storm, and made landfall in an area of relatively low population density. Reported impacts in the immediate landfall area are severe. However, the track and compact nature of Patricia appears to have spared Puerto Vallarta, Manzanillo and Guadalajara from the most severe impacts, according to media reports.

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7. U.S. South Carolina Flooding: Torrential rainfall in South Carolina led to catastrophic flooding throughout the state over the weekend, claiming the lives of at least nine people. Large swaths of the state have experienced over 20 inches of rain in the past week with another two to six inches forecasted through Monday, according to the state climatologist.

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8. Tropical Storm Bill: Tropical Storm Bill made landfall at about 11:45 CDT (16:45 UTC) yesterday on Matagorda Island, Texas, according to the National Hurricane Center (NHC). Maximum sustained winds at landfall were 60 mph according to the NHC. Bill inflicted storm force winds, a storm surge of at least three feet and heavy rainfall to an area still saturated from the excessive rains of last month.

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9. Valley and Butte Wildfires - United States: Central and Northern California, two wildfires have consumed over 133,000 acres and destroyed at least 750 homes and ten businesses in a matter of days. The fires have altogether displaced at least 23,000, according to media sources, and a state of emergency has been declared for affected areas by Governor Jerry Brown. Nearly 6,400 firefighters have been mobilized to combat the two fires, according to the National Interagency Fire Center (NIFC).

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10. Winter Storm - December 26 - 29, 2015: A complex frontal system has rendered significant impacts to the Southern, Southwestern, and Midwestern States, with an ongoing threat from the Midwest to the Saint Lawrence Valley to the Northeast. The system brought severe thunderstorms to the Northern Gulf states, with a confirmed EF-4 tornado affecting the Dallas area, causing several fatalities and extensive structural damage. Excessive rainfall has produced significant and historic flooding in the Central Mississippi Valley. Significant winter weather including heavy snow and ice continues to threaten areas from the Midwest to the Northeast, after nearly 40 inches of snowfall in New Mexico and over half an inch of ice reported from Texas to Illinois. Significant power outages have been reported for some areas. Transportation disruption has been especially severe for both land and air.

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