Posts Tagged ‘Windstorm’
The Americas accounted for 57 percent of global losses in 2014, compared to 48 percent in 2013, 87 percent in 2012 and 26 percent in 2011. Man-made incidents included the explosion of an unmanned supply rocket in October in Virginia, the October crash of the Virgin Galactic spaceship in California and the Chevron Phillips refinery fire in Texas in July.
Asia and Australasia endured their share of both natural and man-made catastrophes in 2014 with 23 percent of estimated global insured losses in 2014. Notable events in the region included the disappearance of Malaysian Airlines Flight 370 in the first quarter and the crash of AirAsia Flight 8501 near Indonesia in December.
Insured losses for the regions encompassing Europe, the Middle East and Africa accounted for around 21 percent of global insured losses in 2014. The most significant events included the severe convective outbreak (hail and windstorm Ela) that affected areas including Germany, France, Belgium and Austria. A frontal boundary crossing the area initiated severe thunderstorms and supercells. The thunderstorms inflicted damaging wind gusts and hail over a widespread area with reports of hail exceeding seven centimeters (2.8 inches) in diameter and isolated reports of hailstones as large as 12 centimeters (4.7 inches).(1) Estimated insured losses from this event were around USD2.8 billion.(2)
Notable insured losses in 2014 included the February snowstorms in Japan, frequent winter storms affecting Europe, flooding in the United Kingdom and a cold, stormy winter in the eastern half of North America. The arrival of spring in the second quarter produced several severe convective outbreaks in the United States and hail and windstorm Ela in Europe. A busy East-Pacific hurricane season brought Hurricane Odile to the Baja Peninsula. In the West Pacific, Typhoon Rammasun affected China, Vietnam and the Philippines.
2014 was a quiet year, with significant insured losses totaling around USD33 billion. Insured losses were below the ten-year and five-year moving averages of around USD59 billion and USD56 billion, respectively (see graphs below).
Guy Carpenter today released its annual Global Catastrophe Review, which reports that insured losses in 2014 were at the lowest level seen since 2009. According to the report, significant insured losses in 2014 totaled approximately USD33 billion, a dramatic drop when compared to the historic insured losses seen in 2011, which totaled approximately USD126 billion.
The intense coastal storm is now clearing Atlantic Canada and steadily weakening. Blizzard and winter storm warnings have been discontinued, although winter weather advisories remain for select areas of New England. This storm lived up to expectations as an intense, impactful, and historic coastal storm, despite challenges on the forecast track and the especially sharp edge of the snow shield. Blizzard conditions with snowfall amounts of two to three feet affected a widespread area of New England and wind gusts exceeded hurricane force in some areas. The strong winds also produced a storm surge with greatest severity to coastal Massachusetts.
A deep coastal storm formed off the Outer Banks on January 26, 2015 and moved northward to impact many areas of the U.S. Northeast and Atlantic Canada. Blizzard warnings remain active from Rhode Island to Atlantic Canada, according to The National Weather Service (NWS) and Meteorological Service of Canada (MSC). Snowfall rates as high as two to three inches per hour, together with strong winds continue to restrict visibility and impose dangerous travel conditions. Conditions should improve for Boston this afternoon into the evening, and gradually clear from south to north over the next 24 hours or so.
Guy Carpenter & Company released Part II of the two-part Ten-Year Retrospective of the 2004 and 2005 Atlantic Hurricane Seasons. Part II focuses on the 2005 hurricane season and the cumulative impacts of both the 2004 and 2005 seasons on the (re)insurance industry as well as the changes made in response to these two landmark seasons from both catastrophe model vendors and rating agencies.