In the Northwest Pacific Basin, Typhoon Sarika and Super Typhoon Haima have recently affected areas of the Philippines, Vietnam and Mainland China. Both typhoons made landfall in the northern Philippines within a week, as a Category 4 on the Saffir-Simpson scale. Reported impacts in the northern Philippines have been especially severe, with reports of moderate to complete damage over areas of northern Luzon. Damage from wind, flooding and mudslides have been reported, together with reports of downed trees and powerlines.
Posts Tagged ‘hurricane’
Hurricane Matthew became a rare Category 5 hurricane on the Saffir-Simpson scale, with maximum sustained winds of 160 mph. The hurricane followed the western edge of a subtropical ridge to inflict catastrophic damage to Haiti as a Category 4 hurricane before crossing eastern Cuba, and turning to the northwest through the Bahamas towards Florida.
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.
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.
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.
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.
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.
GC Securities, a division of MMC Securities LLC, a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of a single class of Principal At-Risk Variable Rate Notes (”Notes”) with a principal amount of USD 190,000,000 through the newly formed designated activity company (”dac”) domiciled in Ireland, Queen Street XII Re dac, to benefit Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (”Munich Re”). This is the largest issuance of the eleven issuances in Munich Re’s Queen Street series since 2011 and the second largest issuance of all Munich Re’s Queen Street series. Additionally, Queen Street XII Re dac is the first special purpose vehicle authorized for the purposes of Directive 2009/138/EC (as amended) (”Solvency II Directive”) in the 144A catastrophe bond market.
Public sector-related data can be expansive, containing census data, property risk characteristics, historical loss information, risk rating matrices and natural hazard event scientific tracking. In order to facilitate packaging the sometimes unwieldy data in a way that is useful for risk decision making, utilizing outside resources to improve data transparency can be valuable. Public sector resources devoted to building tools that measure risks that are perceived as “uninsurable” can unlock private sector funding.