Posts Tagged ‘nat cat’



May 11th, 2016

Guy Carpenter Reports on Kumamoto Earthquake, Seismic Risk and Earthquake Cover in Japan

Posted at 2:30 PM ET

Guy Carpenter & Company today released a briefing and analysis of the Kumamoto Earthquake that struck Japan in April 2016.

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May 10th, 2016

Update: Fort McMurray Wildfires - Canada

Posted at 10:42 AM ET

fortmcmurray-may-10-sm3Recent rainfall and cooler temperatures have helped to reduce spread of the wildfire that recently rendered devastating impacts to Fort McMurray, Alberta, Canada. Nevertheless, the fire continues to grow outside the city and has now claimed 2,020 square kilometers (790 square miles), according to media reports. A general trend of cooler temperatures is expected through this week, before another warming trend next weekend.

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May 4th, 2016

Fort McMurray Wildfires - Canada

Posted at 1:35 PM ET

ft-mcmurray-may-4-2016-smallFort McMurray, Alberta, Canada has suffered widespread and severe impacts as a result of wildfire activity. Media reports indicate that over 80,000 people have been evacuated. No serious injuries or deaths have been reported, however, the fire has destroyed homes in several neighborhoods. Our first thoughts and concerns are with those directly affected by this event.

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April 25th, 2016

Transferring Public-Held Risk to the Private Sector Markets

Posted at 1:00 AM ET

jonathan_clark-sm1christopher-sykes-smJonathan Clark and Christopher Sykes, Managing Directors

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Fiscal constraints are increasing across many developed and emerging economies amid growing catastrophic loss potential brought on by the geopolitical climate, demographic trends and global climate change. As a result, heads of government, international trade organizations and private sector risk bearers are increasing their calls to reexamine the roles and responsibilities of society to better manage these complicated risks.

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April 20th, 2016

U.S. Southern Plains Flooding

Posted at 1:18 PM ET

us-flood-plains-small In southeast Texas, a significant flood event has affected the Greater Houston Metro area as well as areas north and west. Heavy and persistent rainfall has produced catastrophic flooding, enabled by a slow-moving upper low and frontal boundary, together with available moisture. Record daily rainfall amounts were observed at Houston International Airport, with amounts of 15 to 18 inches reported north and west of the Houston area. National Weather Service flood and flash flood watches and warnings remain active for areas of the Southern Plains and Lower Mississippi Valley and some additional rainfall is expected with thunderstorms. Media reports indicate at least seven fatalities and first responders expect this number to rise. Reports indicate that over 1,000 homes have been inundated. Texas Governor Greg Abbott has declared a state of disaster in nine counties, enabling state resources to be used to respond to the emergency, according to media reports. 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.

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April 19th, 2016

7.8 Mw Earthquake Near Ecuador Coast

Posted at 8:30 AM ET

ecuador-small

A Mw 7.8 earthquake struck the Esmeralda Province near the west coast of northern Ecuador on April 16, according to the U.S. Geological Survey (USGS). The quake occurred at 6:58 PM local time (23:58 UTC) about 17 miles (27 km) south-southeast of Muisne and about 106 miles (170 km) west-northwest of Quito, the capital of Ecuador.

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March 24th, 2016

US Flood – The Road Ahead

Posted at 1:00 AM ET

The National Flood Insurance Program (NFIP) is the primary underwriter of flood insurance policies in the United States. The program was established in 1968 through the passage of the National Flood Insurance Act.

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March 23rd, 2016

UK Flood – An Innovative Market Based Solution

Posted at 1:00 AM ET

For people living at high risk of flooding, finding affordable home insurance is becoming increasingly difficult and the problem is likely to get worse without action. The Association of British Insurers and the UK government formulated a plan following large scale flood events that highlighted the impact of severe flooding on homeowners and communities. The UK government’s preferred approach was the introduction of legislation that would create a flood reinsurance scheme - known as Flood Re - to help support households at highest flood risk with minimal market distortion. The households will be able to access affordable cover through the competitive home insurance market with a managed transition to more risk-reflective pricing over a 25 year period. The scheme provides support in the parts of the home insurance market that need it, which is likely to be around 2 percent of customers living in areas with the greatest risk of flooding. The Flood Re model depends on a statutory levy paid for by the UK insurance industry.

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March 22nd, 2016

Risk Financing for Flood: Emerging Opportunities

Posted at 1:00 AM ET

Flood is the largest contributor to catastrophic loss worldwide. Recent initiatives from Guy Carpenter and Marsh & McLennan Companies, both involving the peril of flood, demonstrate the diversity of approaches that can be brought to bear. In the United Kingdom, we are involved in a project where the insurance industry is working in concert with the government to adjust the industry’s approach to the peril of flood and maintain the private sector’s role as the source of insurance protection without a resultant increase in the public sector’s liability. In the United States, a project is being sponsored by the Federal Emergency Management Agency and the US Congress to determine how the National Flood Insurance Program might be privatized and how it might utilize reinsurance to support its risk management efforts, and thereby move potential loss exposure off the public balance sheet.

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March 21st, 2016

Guy Carpenter Cites El Niño and North Atlantic Oscillation as Key Climate Drivers in 2015

Posted at 11:30 PM ET

Guy Carpenter today reported that 2015 marked one of the strongest El Niño periods on record, while a positive phase of the North Atlantic Oscillation (NAO) was evident both at the beginning and close of the year.

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