AIR Worldwide Updates Loss Estimates for Post-Tropical Cyclone Sandy

Homeowners flood Insurance

BOSTON, Nov. 26, 2012 – Since Sandy made landfall as a post-tropical cyclone on October 29, 2012, in southern New Jersey, catastrophe modeling firm AIR Worldwide has been analyzing the storm’s characteristics and impacts. Informed by the latest available information on surge height and extent from the USGS, surface wind speed observation data, and findings from AIR’s post-disaster survey teams, AIR now estimates that insured losses from Sandy will be between USD 16 and USD 22 billion. AIR estimates include wind and storm surge damage to onshore residential, commercial and…

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AIR Worldwide Reports from Areas Affected by Sandy, Part III

Flood Insurance Hurricane Sandy Jersey Shore

This report is the third in a series from AIR’s recently concluded damage survey of areas impacted by Sandy, which made landfall on October 29, 2012, five miles southwest of Atlantic City, New Jersey. On November 11, 2012, AIR teams were deployed to survey damage in New York and New Jersey. The commentary in this report provide an initial glimpse into the kinds of damage patterns caused by this event in Staten Island, New York, and Toms River, Point Pleasant Beach, Sea Bright, Keyport, Union Beach, Keansburg, Kearny, Secaucus, Moonachie,…

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AIR Estimates Insured Losses in the U.S. from Hurricane Isaac of between USD 700

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Hurricane Isaac Damage Report: Catastrophe modeling firm AIR Worldwide estimates that insured losses from Hurricane Isaac to onshore properties in the U.S. will be between USD 700 million and USD 2 billion. AIR estimates include wind and storm surge damage to onshore residential, commercial and industrial properties and their contents, automobiles, and time element coverage (additional living expenses for residential properties and business interruption for commercial properties). “Isaac made two separate landfalls, both as a Category 1 hurricane,” said Dr. Tim Doggett, principal scientist at AIR Worldwide. “The first occurred…

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Connecticut looks to strengthen its defense against natural disasters with new legislation

Connecticut’s governor, Dannel Malloy, has announced that he will be introducing new legislation that could establish new performance standards for the state’s utilities companies. These new standards would require utilities companies to adopt more assertive practices in the event of natural disasters and other emergency situations. The recent spate of catastrophes in the U.S. has led to the formation of the legislation, especially as insurers warn that disasters could have significant and long lasting effects on the state’s economy. Hurricane Irene struck the state in April last year, causing significant…

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Report: Global economy able to withstand only one week of disruption caused by major catastrophic event

A new report from Chatham House, a policy institute for international affairs based in the UK, paints a very dire picture for the future of the global insurance industry. The past two years have been incredibly difficult in terms of insurance. Two record-breaking years for natural disasters have left the industry rattled and somewhat disoriented. The impact of these disasters has taken a toll on the global economy as well, damaging what was already a fragile structure. According to the report, the global economy can only withstand one week of…

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Floods in Thailand causes insurance capacity to contract

Companies that have been waiting to resume business following the massive flooding last year are now struggling to restart their production again as a result of an insurance capacity that has been significantly reduced, and because those coverage options that are available have significantly higher prices and stricter terms. According to Aon Benfield, the insurance industry in the country saw significant losses which reached an estimated $10 billion as a result of the floods that began in the summer of 2011. Much of the insured losses came from the international…

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Lawyers gain broadened professional liability coverage from OneBeacon

OneBeacon Insurance Group member, OneBeacon Professional Insurance (OBPI), has launched a broadened lawyers’ professional liability (LPL) coverage so that its protections will now include network security and privacy (NSP) liability. Lawyers can access this new offering in either of two possible ways, which are: 1. As an LPL policy endorsement 2. As its own standalone coverage According to the OBPI senior vice president of the LPL division, Kim Noble, these days, a law firm’s lifeblood is its information systems, and it is vital to protect those systems, as they may…

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