A powerful storm named Xaver battered Northern Europe with hurricane-force wind gusts and massive storm surges on December 6, causing widespread property damage and severely disrupting transport networks. The most severe damage was reported in the United Kingdom, Germany and the Netherlands. Around 1,400 properties were flooded in the United Kingdom alone after eastern coastal regions experienced the most severe storm surge since 1953. Coastal areas of Germany, including the city of Hamburg, were also subjected to severe surges and flooding. Less severe damage was reported elsewhere in Belgium, Denmark, Sweden and Poland. Reports said at least eight people were killed by the storm’s severe weather across Northern Europe and more than 500,000 homes lost power at the height of the storm. It remains too early to determine the likely economic and insured costs from Xaver. PERILS, the independent provider of European catastrophe insurance loss data, is currently analysing the impact of Xaver to assess whether it has caused a sufficient loss to qualify for full reporting under its methodology.
Posts Tagged ‘GC Analytics’
A late-season severe convective outbreak has affected a large portion of the Midwest, Ohio Valley, and Great Lakes including Southern Ontario. This widespread and violent outbreak has left absolute damage in communities such as Washington, Illinois. The outbreak occurred ahead of a strong cold front affecting the area. Numerous tornadoes have been reported, primarily in Indiana and Illinois, with some preliminary reports as high as an EF-4 rating on the Enhanced Fujita Scale. Reports of pea to quarter sized hail are more widespread, together with damaging winds.
Our first thoughts and concerns are with those lost or recovering from the exceptionally severe impacts of Super Typhoon Haiyan. Haiyan is among the strongest tropical cyclones ever recorded, and meets or surpasses the strongest landfalling tropical cyclone in recorded history. Haiyan made landfall in the Philippines on November 8 near Guiuan, with estimated 1-minute wind speeds of 185-195 mph (300-315 km/hr). A second landfall occurred on November 10 as a minimal Typhoon near the Vietnam-China border.
Super Typhoon Haiyan meets or surpasses the record of the strongest landfalling tropical cyclone in recorded history, and is among the strongest ever recorded. Haiyan made landfall during the early morning hours of November 8 near Guiuan, with estimated 1-minute wind speeds of 185-195 mph (300-315 km/hr). While it is still too early to fully assess impacts to the area, severe to complete wind damage is a near certainty adjacent to the storm track, with wave battering and water velocity damage most severe within 20 miles (32 km) of the storm track.
Guy Carpenter Extends Coverage of Industrial Park Database to Include Vietnam, Malaysia and South Korea
In 2011, Thailand experienced its worst flooding in years with insured losses estimated at around USD15 billion,(1) of which the Thai General Insurance Association attributed more than 90 percent arising from commercial risks located within industrial parks. As industrial parks are common in several countries in the region, Guy Carpenter developed a database of digitized boundaries of these parks to support its clients’ ability to analyze the potential for catastrophic losses arising from exposures located within park boundaries.
Jessica Leong, Lead Casualty Specialty Actuary
In 2012 the insurance industry enjoyed more reserve releases, but many sources say that the releases of the last decade will soon run out. But when? Most insurance commentary reports on the reserve cycle but does not often attempt to explain why it exists. If we can understand the drivers of the cycle, we can do better in predicting where we are and where we are going.
Tropical Storm Karen is poised to become the first named storm to hit the United States this season. Karen, as of 2PM Eastern Daylight Time, was 240 miles south-southwest of the mouth of the Mississippi River and 275 miles south-southeast of Morgan City, Louisiana. The storm is moving north-northwest at ten miles per hour. According to the NHC, a turn toward the north and a decrease in forward speed are expected by early Saturday, with a turn toward the northeast on Sunday.
Two powerful storms made landfall in Mexico on September 15 and 16, causing destructive flooding that has claimed lives and destroyed property. In the Pacific Basin, Tropical Storm Manuel made landfall on September 15 near Manzanillo, Mexico. In the Atlantic Basin, Ingrid struck near the town of La Pesca on September 16. This rare convergence of two tropical storms within such close proximity and time of each other has affected nearly two-thirds of the country, according to Mexico’s Interior Minister Miguel Osorio Chong. The storms have been blamed for more than 50 deaths in the states of Veracruz, Guerrero, Puebla, Hidalgo, Michoacan and Oaxaca. In the state of Veracruz, damage to bridges and highways, as well as nearly 1,000 homes, has been reported. Both storms are expected to cause heavy precipitation across most of the country over the next few days, leading to possible life-threatening flash floods and mudslides.
A period of excessive rainfall between September 10 through 15 has triggered excessive flooding in Northeastern Colorado. Rainfall has exceeded five inches over a very large area, and some local rainfall amounts have exceeded 15 inches. Damage has occurred as a result of rushing water and inundation, affecting homes, businesses and infrastructure over a large area. At least seven fatalities have been reported, with many more unaccounted for. At least 17,500 homes have been damaged by flash-flooding, with some 1,500 completely destroyed. At least 11,700 have left their homes. Response efforts are ongoing with both state and federal support. It will take some time to assess the precise impacts of this event, and as always our first thoughts are with those lost and directly affected.