Posts Tagged ‘Catastrophes’



November 14th, 2018

Wildfire Activity – California

Posted at 9:37 PM ET

calwildfires-smallSignificant wildfires have affected areas of northern and southern California due to extremely dry, windy conditions and very dry fuels. In Northern California, the Camp Fire has burned at least 130,000 acres since November 8 and claimed at least 48 lives, making this the deadliest wildfire in known California history. Damage survey efforts are still ongoing, however initial reports indicate at least 7,600 residences destroyed with another 225 damaged. Meanwhile in Southern California, the Woolsey Fire has consumed at least 97,620 acres along with 483 structures, and at least two lives. Ongoing dry, windy conditions have offset containment efforts. However, aggressive firefighting efforts of over 5,100 firefighters have brought the Camp Fire and Woolsey Fire to 35 and 47 percent containment, respectively. The cause of these fires remains under investigation, according to Cal Fire. A federal disaster area has been declared to better allow emergency assistance. Improving weather conditions should enable greater progress with containment effortsover the coming days.

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October 29th, 2018

2018 Asia Pacific Catastrophe Reinsurance Report

Posted at 9:00 PM ET

Guy Carpenter has released its 2018 Asia Pacific Catastrophe Reinsurance Report. The report reviews property catastrophe cover trends; market conditions, including losses and pricing; and catastrophe events in each of the major Asia Pacific countries during 2018.

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October 29th, 2018

As Insurance Market Cycle Evolves, Carriers Must Review Underwriting Strategies

Posted at 8:00 AM ET

Guy Carpenter has completed its annual review of property & casualty (P&C) results and found that insurers’ operating environment today is very different than just a few short years ago.

Formerly stable lines produced significant volatility in 2017, while others that often struggle to produce underwriting returns enjoyed multi-decade highs in profitability. And the familiar underwriting cycle has decoupled materially across long-tail casualty lines, with profitability, growth and reserve development moving in widely different directions by line and segment. These are just a few of the findings reported in the company’s 2018 Risk Benchmarks Research Report, which focuses on the risk and performance of US P&C insurers. Continue reading…

October 23rd, 2018

Closing the Gap: Public Sector Risk Financing Solutions Increase Community Resiliency - GC@BB Commentary

Posted at 1:00 AM ET

clark_jonathan-headshotJonathan Clark, Head of Public Sector Specialty, U.S.

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  • Only 33 percent of economic disasters are alleviated through (re)insurance
  • Recent functional risk transfer mechanisms use advances in data, analytics and modeling
  • Guy Carpenter and GC Securities* are working with over 100 public entities around the globe

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October 13th, 2018

Hurricane Michael

Posted at 11:11 AM ET

michael-smallHurricane Michael made landfall on October 10 as a high-end Category-4 hurricane on the Florida Panhandle, with maximum sustained winds of 155 mph. The storm rendered severe to complete damage to areas from Panama City to Port Saint Joe, with especially severe damage in Mexico Beach due to severe wind and storm surge. Damage due to wind has caused roof and wall collapse, especially for cinderblock construction and even commercial properties. Some coastal areas of Mexico Beach have been scoured to the foundation by storm surge and wave battering. At least twelve fatalities have been reported by media, although this number could rise as damage survey and search and rescue efforts continue. Our thoughts and concerns are with those lost and directly affected by this event. Hurricane Michael is the strongest hurricane to affect the Continental U.S. since Hurricane Andrew (1992).

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October 1st, 2018

Super Typhoon Trami

Posted at 6:53 PM ET

trami-2-bigIn the West-Pacific Basin, Typhoon Trami made landfall in the city of Tanabe, Japan (Wakayama prefecture) on 30 September at around 11 UTC (8 PM local time), according to media reports. Before reaching Honshu, the typhoon had rendered considerable impacts while making close approach to Okinawa, Kyūshū and Shikoku Islands. Trami brought significant flood impacts as a result of heavy rainfall and storm surge, as well as variable property damage due to wind. Significant power outages and transportation disruption have been reported by media. Over 4.3 million people were given evacuation orders or advisories. Media reports indicate at least four fatalities and 120 injured. It will take time to fully assess the complete scope and severity of the event, and our first thoughts and concerns are with those directly affected.

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September 18th, 2018

Super Typhoon Mangkhut

Posted at 4:20 PM ET

mangkhutsmallIn the West Pacific Basin, Super Typhoon Mangkhut made landfall in Northern Luzon as a Category-5 on the Saffir-Simpson Scale just after 18 UTC September 14, according to advisories of the Joint Typhoon Warning Center (JTWC). Significant impacts have been reported by media including severe damage due to wind and flooding as well as mudslides. Impacts to agricultural interests in the area have also been reported. After some weakening, Mangkhut then made final landfall just west of Hong Kong as a Category-1 on the Saffir-Simpson Scale just after 06 UTC September 16 in Taishan, according to JTWC and media reports. Considerable impacts due to wind and flooding were reported in Hong Kong, Macau and Guangdong. Media reports indicate at least 70 fatalities as a result of Mangkhut, and our thoughts and concerns are with those lost and affected by this event.

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September 18th, 2018

Hurricane Florence

Posted at 4:06 PM ET

florence-2-smallHurricane Florence made landfall near Wrightsville Beach, North Carolina at 7:15 AM EDT (1115 UTC) September 14, according to the National Hurricane Center (NHC). Maximum sustained winds at landfall were 90 mph, a strong category-one hurricane on the Saffir-Simpson Scale. The storm slowed considerably at landfall causing prolonged exposure of affected areas to damaging wind gusts and significant rainfall. Significant flooding has been reported for areas of the Carolinas and Mid-Atlantic, with greatest severity in areas of eastern North Carolina. The storm has since weakened to a tropical depression while moving into the Ohio Valley. Florence should move through Pennsylvania and New England over the next day or so with an increase in forward speed, and the flood threat persists in the meantime. Downed trees and power lines along with variable property damage have been reported along with significant to catastrophic flooding; the most severely affected areas are in eastern North Carolina. Media reports indicate at least 25 fatalities, and our thoughts and concerns are with those lost and directly affected by this event.

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September 18th, 2018

Chart: Significant Insured Losses 2011–2Q2018

Posted at 1:00 AM ET

Chart exhibits the significant insured losses from 2011 through the second quarter of this year.

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