Posts Tagged ‘tropical cyclone’



March 12th, 2014

GC Securities* Completes Catastrophe Bond Queen Street IX Re Limited for Munich Re

Posted at 5:00 AM ET

GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of the Principal At-Risk Notes, with notional principal of $100,000,000, through a newly formed catastrophe bond, Queen Street IX Re Limited, to benefit Munich Re. This is the ninth Queen Street cat bond to benefit Munich Re, the eighth overall cat bond issuance benefitting Munich Re since 2011 and the first cat bond issuance benefitting Munich Re provided via an Irish special purpose reinsurance vehicle.

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February 24th, 2014

Americas Catastrophe Review, 2013

Posted at 1:00 AM ET

As with Europe, 2013 was a year of flood in the Americas, with notable events in Alberta, Toronto and Colorado. The flood event in the Calgary, Alberta area of Canada resulted in estimated insured losses of around USD2 billion, with economic losses of USD4.8 billion (1).  This event, combined with flash-flooding in Toronto, Ontario in July, meant Canada experienced its most expensive insured catastrophe loss year on record.

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February 20th, 2014

Asia/Australasia Catastrophe Review, 2013

Posted at 1:00 AM ET

Asia and Australasia also received their share of both natural and man-made catastrophes in 2013. One of the most costly man-made events occurred in China after a major fire hit a large microchip factory in September. The blaze caused significant damage to the SK Hynix-owned facility in the city of Wuxi, with reports saying the cost to the (re)insurance sector is expected to range between USD900 million and USD1 billion. The incident represents the most expensive single-risk loss on record to occur in China.

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December 19th, 2013

Recent CAT-i reports on GC Capital Ideas

Posted at 1:00 AM ET

Here we highlight the CAT-i reports, which report on natural catastrophe events, that have appeared on GC Capital Ideas in the last quarter of 2013.

Windstorm Xaver:  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.

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U.S. Severe Weather Outbreak, November 2013: 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.

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Update: Super Typhoon Haiyan:  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.

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Tropical Storm Karen: 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.

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November 19th, 2013

Climate Change: A Look into the Future: Part II

Posted at 1:00 AM ET

Changing Precipitation Patterns - Drought and Wildfire

Global warming is also impacting drought and wildfire patterns around the world, with notable regional differences. The IPCC says that some regions of the world have experienced more intense and longer droughts (southern Europe and West Africa in particular) while other areas such as central North America and northwestern Australia have seen less frequent, less intense or shorter drought events.

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November 18th, 2013

Update: Super Typhoon Haiyan

Posted at 10:21 AM ET

haiyan-2-smallOur 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.

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November 18th, 2013

Climate Change: A Look into the Future: Part I

Posted at 1:00 AM ET

Global climate models project a best estimate of a further two to four degree (Celsius) increase in the mean temperature of the Earth by the end of this century. Although this may seem insignificant on an intuitive level, the resulting impacts are of significant concern. Sea-level rise is the most significant threat for coastal areas as a result of melting glaciers. Apart from this threat, changing weather patterns will result in drought and inland flood threats for some areas. As a general principle of climate change, changes to the mean of meteorological extreme value distributions can be expected but an increase in tail thickness (or variability) is of greater concern. The day-to-day variability that we see today will likely expand.

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November 8th, 2013

Super Typhoon Haiyan

Posted at 3:05 PM ET

haiyan-smallSuper 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.

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October 23rd, 2013

Guy Carpenter Insights on A.M. Best’s 2013 Updates

Posted at 1:00 AM ET

snyder_jack_bioJack Snyder, Managing Director

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A.M. Best has recently issued several insurance ratings updates. Guy Carpenter has reviewed those updates and has key insights to help companies better understand their potential impact.

 

 

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October 20th, 2013

Guy Carpenter Reveals Findings of Damage Survey in Sandy-Impacted Northeast

Posted at 5:00 AM ET

Guy Carpenter & Company released a comprehensive assessment of the damage resulting from Superstorm Sandy, highlighting meteorological aspects of the storm and detailed observations of some of the most severely impacted areas across the Northeast.

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