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.
Here we review GC Capital Ideas posts on the private sector closing the protection gap with public sector risk exposure.
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.
Mark Weatherhead, Head of Model Development - International
2016 marks the 60th year of the Monte Carlo Rendez-Vous. Since the first event in 1957 the insurance world has changed significantly, with economic and insured losses from natural catastrophes such as floods and hurricanes increasing dramatically.
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.
Many governments today are straining under public debt and many of the most catastrophically exposed governments are in the worst financial position. This is particularly true for countries exposed to the perils of flood, tropical cyclone and earthquake. Compounding this situation are demographic and economic trends that are adding additional pressure on already stressed balance sheets, both in emerging and developed economies.
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.
Chart shows the amount of pre-disaster mitigation dollars allocated by the Federal Emergency Management Agency compared to hazard mitigation grants post Hurricane Sandy for the fiscal period 2011 to 2014.
Here we review GC Capital Ideas posts on how the private sector is exploring the development of innovative solutions for public sector risk exposures.
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.
