In the Northwest Pacific Basin, Typhoon Megi made landfall in central Taiwan Tuesday afternoon, local time. The typhoon brought reports of excessive rainfall, flash-flooding, and roof damage for affected areas. Isolated rainfall amounts exceeding 1,250 millimeters (50 inches) were reported, with general rainfall amounts of 250 millimeters (10 inches) or more.
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Super Typhoon Meranti made close approach to southern Taiwan with one-minute sustained winds of 305 kilometers per hour (190 mph), among the strongest tropical cyclones on record. Meranti rendered significant flooding and wind impacts to southern Taiwan, with nearly 800 millimeters (32 inches) of rainfall for some locations. Meranti then weakened to make final landfall on Mainland China in Fujian Province with one-minute sustained winds of 170 kilometers per hour (105 mph). Meranti rendered significant flood impacts and damage to infrastructure following final landfall. At least 11 fatalities and 82 injuries have been reported. Our first thoughts and concerns are with those lost and directly affected by this event.
Industry Moves Away From Multi-Model Approach Given Current Market Conditions
Insurers and reinsurers are increasingly adopting a core model strategy based around a detailed assessment of its capabilities, instead of the multi-model or blended approach as investment in modeling capabilities comes under pressure, says Matthew Eagle, Head of GC Analytics® - International at Guy Carpenter.
Hurricane Newton made landfall near Cabo San Lucas, Mexico early Tuesday morning, with maximum sustained winds of 90 mph according to National Hurricane Center (NHC) advisories. Media reports indicate at least two dead and three missing. The hurricane brought tropical storm to hurricane conditions for affected areas, with reports of downed trees and power lines and some light structural damage. Reported impacts are not as severe as those of Hurricane Odile, which struck the area in 2014 as a major hurricane.
Hurricane Hermine made landfall overnight near Saint Marks, Florida, with maximum sustained winds of 80 mph, according to the National Hurricane Center (NHC). This is the first hurricane to make landfall in Florida since Hurricane Wilma (October, 2005). Impacts under storm surge have been quite severe for some areas of the northwest Florida coast including Cedar Key. The storm has also caused downed trees and powerlines with some structural damage. The full extent of impacts from this event is still being determined as recovery and assessment efforts are still underway. Our first thoughts and concerns are with those lost and directly affected by this event.
The Bluecut and Clayton fires have caused significant impacts to affected areas and pose an ongoing serious threat to life and property. No serious injuries or deaths have been reported, however, the fires have destroyed multiple structures. Our first thoughts and concerns are with those directly affected by this event.
In the U.S. Northern Gulf States, a significant and historic flood event has affected areas of southern Louisiana and Mississippi. Flood impacts have been particularly severe in areas of Baton Rouge and Hammond, Louisiana. Media reports indicate at least six fatalities, several thousand water rescues and at least 2,700 homes affected. It will take some time to fully assess the scope and severity of impacts of this event, and our thoughts are with those lost and directly affected by this event.
Hurricane Earl made landfall in Belize last Thursday, with final landfall as a tropical storm in Southeast Mexico over the weekend. Impacts have been rendered in Belize as a result of strong wind gusts, an impactful storm surge and heavy rainfall. Some damage to property and infrastructure has been reported, although the full scope and severity remain unclear. Significant rainfall has also affected areas of Southeast Mexico, with reports of destructive flooding, landslides and property damage. At least 42 have been reported dead in Southeast Mexico and another 2,000 have been displaced, according to media reports. The full extent of impacts from this event remains unclear as recovery and assessment efforts are still underway. Our first thoughts and concerns are with those lost and directly affected by this event.
Here we present GC Capital Ideas’ stories on analyses of enterprise risk management disclosures. A 2014 study updated the analysis done in 2009, one of our most popular stories. The full briefings are attached.
Super Typhoon Nepartak made landfall on the southeast coast of Taiwan around 22 UTC on July 7, before final landfall as a tropical storm on Mainland China around 06 UTC on July 9. Nepartak has rendered significant flood impacts both in Taiwan and Mainland China according to media reports, with at least 10 and three dead in Mainland China and Taiwan, respectively. Flood impacts have been especially severe in Mainland China, which was affected by excessive monsoon rains just prior to Nepartak. Our first thoughts and concerns are with those lost and directly affected.