The high frequency and severity of Atlantic hurricanes in 2008, coupled with other weather-related and man-made losses, placed the year among the costliest on record for insured catastrophe losses. Thats according to Guy Carpenter Co., LLC, a global risk and reinsurance specialist, in its 2008 Catastrophe Update, a briefing about the catastrophe reinsurance marketplace in 2008. The record-setting Atlantic hurricane season especially Ike and Gustav is the big story and the primary driver of insured losses in 2008, said Chris Klein, Global Head of Business Intelligence, Guy Carpenter. At the same time, one should not overlook the role that other events, such as the China earthquake, California wildfires, and man-made catastrophes, played in making this an especially active year. The ten-year moving average of insured catastrophe losses costs continued to rise in 2008, increasing by 7 percent over 2007 from 35.5 billion to 38 billion. Overall, the 2008 hurricane season produced a record number of consecutive storms striking the United States, ranking as one of the most active seasons in the 64 years since comprehensive records began. Other notable storms of 2008 included Hurricane Dolly in Texas, Tropical Storm Fay in Florida,sac gucci pas cher, and Tropical Storm Hanna in the Carolinas. Other noteworthy weather-related events in 2008 included Windstorm Emma causing insured losses of 1.3 billion which affected northern and eastern regions of Europe, with Germany the hardest hit. The years largest and most costly earthquake hit the Chinese province of Sichuan in May, killing more than 85,000 people. Though only a fraction of the loss is insured, it is likely to represent one of the highest insured losses in Chinas history. In the United States,canada goose jacket, in addition to hurricane activity, flooding and wildfires triggered significant losses in 2008. May and June storms in the Midwest led to severe flooding, inundating up to 40,000 homes and businesses. Insurance Services Offices (ISO) Property Claim Services&174; (PCS) unit estimates insured losses from the floods at 725 million. Wildfires in Southern California, meanwhile, destroyed around 980 homes,canada goose prix, triggering an EQECAT-estimated total property loss of up to 500 million. The year 2008 was also an unusually active year for man-made catastrophe losses. Losses in the mining, energy, and steel industries were particularly large in 2008. Claims were exacerbated by the impact of record high commodity prices on business interruption cover. The Guy carpenter briefing is available on www.GCCapitalIdeas.com. Source: Guy Carpenter www.guycarp.com
Extreme risk modeling firm, EQECAT Inc., and catastrophe risk experts, Risk Management Solutions (RMS), have revised their estimates of insured losses from Hurricane Ike, which hit Galveston,www.canada-goose-norge.org, Texas, on Sept. 13. EQECAT has narrowed its estimated onshore insured losses to a range of 8 billion to 12 billion, from an initial estimated range of 8 billion to 18 billion at the storms landfall. The company said the revised estimates are based upon reconnaissance-team reports of damage caused by Hurricane Ike, and additional post-landfall data regarding the storms characteristics. Total economic loss to offshore oil and gas facilities from Hurricane Ike is estimated to be in the range of 4 billion to 6 billion, with property damage making up about 1.5 billion to 2 billion, and lost production accounting for about 2.5 billion to 4 billion, EQECAT reported. As of Sept. 18, 2008, the United States Minerals Management Service reported that 49 producing platforms and 3 jack-up drilling rigs were destroyed by Hurricane Ike. Several other platforms and drilling rigs sustained moderate damage, EQECAT said. RMS refined its estimate for U.S. onshore and offshore insured losses from Hurricane Ike to 7 to 12 billion from its original estimate of 6 to 16 billion. This estimate includes both onshore and offshore losses resulting from strong winds and storm surge but does not include losses covered under flood policies issued by the National Flood Insurance Program, or loss of oil and gas production due to pipeline supply interruptions. The revised estimate is based on analysis of damage reports, verified wind speed and tidal gauge observations, and on-site assessment from multiple reconnaissance teams. One of the remaining uncertainties will be how much of the onshore loss will be paid out under flood or wind policies, particularly for the destroyed coastal communities of Bolivar,canada goose outlet, which were subject to some of Ikes strongest winds and storm surge, RMS noted. RMS also revised its initial industry loss estimate for Hurricane Gustav to between 2.5 billion to 4.5 billon, covering onshore and offshore exposure. This new estimate is based on further analyses of the wind field and damage surveys from our reconnaissance teams. The main uncertainty surrounding Gustavs impact was the degree of flooding and business interruption that would occur, both of which have been considerably less than initially feared as well as Gustavs wind and surge damage. Sources: EQECAT, RMS
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