Posts Tagged ‘flood’
Hurricane Andrew made U.S. landfall in 1992. The storm originated from a tropical wave and experienced disruptive wind shear until arriving in the West Atlantic. Once in the West Atlantic, Andrew first reached hurricane status on the morning of August 22 and then developed explosively into a Category 5 hurricane on the Saffir-Simpson scale with maximum sustained winds of 165 mph when it made landfall on Florida’s coast.
James Waller, Ph.D, Research Meteorologist
Any hurricane can produce wind, surge and inland flood impacts. The severity and scope of impacts is not always consistent with ratings on the Saffir-Simpson scale, particularly for surge as we have seen with Katrina (2005) and Sandy (2012).
Hurricane Arthur is the first hurricane to make U.S. landfall since 2012, and the earliest to make North Carolina landfall for any hurricane season since 1908. According to the National Hurricane Center (NHC), Arthur made landfall in North Carolina on July 3 at about 11:15 p.m. EDT (0315 UTC), with maximum sustained winds of 100 mph (161 km/hr).
Hurricane Arthur was reclassified as a hurricane overnight by the National Hurricane Center (NHC), and currently carries maximum sustained winds of 90 miles per hour. Arthur is currently moving offshore of the U.S. mainland to the north-northeast at about 10 miles per hour. Hurricane and tropical storm force winds extend outward from the center of circulation to 25 and 115 miles, respectively.
Tropical Storm Arthur, the first named storm of the 2014 Atlantic hurricane season, is expected to reach hurricane strength Thursday, according to the National Hurricane Center (NHC). Arthur is currently located 110 miles east-northeast of Cape Canaveral, Florida and 235 miles south of Charleston, South Carolina. The storm is moving north at seven miles per hour and is expected to turn toward the north-northeast Wednesday night. By Thursday, the storm is expected to turn toward the northeast with an increase in forward speed. The eye of Arthur is expected to pass east of Northeastern Florida tonight and move parallel to the coasts of South and North Carolina during the next 24 to 48 hours.
Here we review recent GC Capital Ideas stories focused on climate change.
Guy Carpenter Asia-Pacific Climate Impact Centre Publishes New Annual Report: The Guy Carpenter Asia-Pacific Climate Impact Centre (GCACIC), a joint initiative of the City University of Hong Kong and Guy Carpenter, released its fifth annual report presenting the highlights of the GCACIC’s research activities from the past year. The report details the findings of 16 projects conducted by the GCACIC, which focus on climate problems in the Asia-Pacific region as well as on a global scale.
Third U.S. Climate Report Is Available: The White House released the Third U.S. National Climate Assessment report on May 6, 2014. The report was constructed with input of many U.S. scientists and coordinated by a cross section of U.S. interests including the energy sector.
Responding to Climate Change: It is vital for (re)insurers to consider how climate change could impact future losses. Global warming potentially poses a serious financial threat to the insurance industry with implications for catastrophe risk perception, pricing and modeling assumptions.
Climate Change: A Look into the Future: Global climate models project a best estimate of a further two to four degree (Celsius) increase in the mean temperature of the Earth by the end of this century. Although this may seem insignificant on an intuitive level, the resulting impacts are of significant concern. Sea-level rise is the most significant threat for coastal areas as a result of melting glaciers. Apart from this threat, changing weather patterns will result in drought and inland flood threats for some areas.
Global Warming: Adaptation Measures: The IPCC publications represent scientific consensus among many of the world’s top scientists (and scientific consensus is difficult to achieve). Their findings are generally consistent with the broader scientific literature.
Global Warming: Losses: Economic losses resulting from natural disasters increased from USD75.5 billion in the 1960s to USD659.9 billion in the 1990s (IPCC AR4, 2007 - Working Group II, Section 184.108.40.206). Insured losses have also increased, and “the dominant signal is of significant increase in the values of exposure” (IPCC AR4, 2007 - Working Group II, Section 220.127.116.11). Furthermore, the IPCC states that “failure to adjust for time-variant economic factors yields loss amounts that are not directly comparable and a pronounced upward trend for purely economic reasons.”
Following a period of benign storm activity, weather patterns have shifted into a more active pattern producing heavy rains, high winds and substantial losses. Here are four CAT-i storm reports on volatile storm activity within the past six weeks.
Severe Weather Outbreak in U.S.: June 16, 2014: An especially volatile environment produced a violent severe weather outbreak yesterday affecting areas of Nebraska, Iowa and Wisconsin. Severe to complete property damage was reported in Pilger, Nebraska and surrounding areas. Initial evidence indicates two tornadoes in close proximity near Pilger, with EF-2 to EF-3 intensities.
Severe Weather Outbreak In U.S.: June 3, 2014: A severe weather outbreak led to excessive wind gusts, significant hail, and a handful of tornadoes on June 3, according to reports. The area most severely affected covers the eastern two thirds of Nebraska together with portions of Iowa, Missouri, Kansas and Illinois.
Balkans Floods: Heavy rain has caused widespread flooding across several countries in the Balkans region of Southeast Europe. Serbia, Bosnia and Herzegovina and Croatia were badly affected by the floods in May. According to Serbia’s Meteorological Institute, three months’ worth of rain fell in just three days in mid-May, resulting in the worst floods to hit the country since rainfall measurements began some 120 years ago. Bosnia also experienced its heaviest rainfall since records began in 1894, reports said.
Severe Weather Outbreak in U.S.: April 26 to 30, 2014: A multi-day severe weather outbreak rendered severe impacts from April 26 to 30 affecting a large area of the United States. The outbreak is occurring along a powerful spring frontal system that evolved from the Southern Rockies and pressed towards the Southern Great Lakes and is now affecting the Atlantic Coast. According to the U.S. Storm Prediction Center (SPC), there are widespread reports of straight-line (nontornadic) wind and hail over the Southern States, Midwest and Lower Great Lakes. Tornado reports are widespread, with strong to violent tornadoes reported in states including Alabama, Arkansas, Kansas, Tennessee, Iowa and Mississippi. Severe flooding has also been reported in Alabama and Florida.
Victoria Jenkins, Managing Director
The Middle East and North Africa (MENA) region is acknowledged to be a key growth area for (re)insurance. Insurance penetration is rapidly increasing but still has some way to go to reach comparable levels with Europe or the United States. In the period 2003-2012, most countries in the region achieved triple-digit percentage increases in premium volume, with some exceeding 600 percent growth (source: Swiss Re Sigma).