Floods Associated with Ex-Tropical Cyclone Strike Eastern Australia

Floods Australia 2012 - 2013 Cyclone Season

According to catastrophe modeling firm AIR Worldwide, flooding has hit parts of eastern Australia, forcing thousands of residents to evacuate their homes. The heavy precipitation over the past week is associated with ex-tropical cyclone Oswald and was enhanced by a monsoon trough, an elongated area of low pressure that moved south along the Queensland coast into New South Wales. Floodwaters cut off rural communities, damaged homes, caused massive power outages, and disrupted coal mining operations. Water levels are slowly receding on most rivers, but dozens of flood warnings still remain…

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Crop insurance payouts may break double the previous record

private Crop Insurance

Some estimates have claimed that the payments will be greater than $25 billion. After crunching the numbers for this year’s crop insurance payments, it looks as though this coverage – which has been vital to farmers this year due to the widespread droughts and floods – it looks as though the payouts will be greater than $25 billion. This will be over twice the $10.8 billion record high that was set in 2011. This year, over 80 percent of the corn fields had crop insurance coverage. Clearly, this was significantly…

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AIR Expands Its Catastrophe Risk Engineering Solutions to Include Supply Chain Risk Quantification

Insurance News on catastrophe insurance losses

Insurance news… AIR Worldwide (AIR) announced today that it has expanded its suite of Catastrophe Risk Engineering (CRE) solutions to help quantify, mitigate, and manage the risk associated with the impact of catastrophes on supply chain networks. AIR’s new offering will help risk managers better assess and reduce their risk from catastrophic perils such as hurricanes, earthquakes, floods, tornadoes, and tsunamis. This includes risk not only from physical damage but also from direct and contingent business interruption losses across the entire supply chain network. “The catastrophe risk to supply chain networks…

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AIR Estimates Insured Losses from Typhoon Roke at Between JPY 12 billion (USD 150 million) and JPY 46 billion (USD 600 million)

BOSTON, Sept. 22, 2011 -Catastrophe modeling firm AIR Worldwide estimates insured losses from Typhoon Roke at between JPY 12 billion (USD 150 million) and JPY 46 billion (USD 600 million). Typhoon Roke, the 15th named storm of the 2011 Northwest Pacific typhoon season, made landfall near Japan’s Hamamatsu City in Shizuoka Prefecture at 2:00 pm local time (05:00 UTC) on September 21. Maximum sustained winds at landfall were 180 km/h, making Roke a strong Category 2 storm. Note that this is the same range announced for Typhoon Talas on September…

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Three storms in the Atlantic have insurers and storm watchers worried

As the hurricane season continues its slow march, new storms are appearing in the Atlantic Ocean, spurring concerns that this season may make good on the promise of unusually high activity. The National Hurricane Center has been tracking Hurricane Katia for a number of weeks as it has hovered just off the East Coast, fluctuating between hurricane status and that of a tropical storm. Two new storms have sprouted in the Atlantic and the Gulf of Mexico, and both have storm watchers worried. At present, Katia is designated as a…

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