Tag: natural disasters

Insurance industry may benefit from manufactured hailstorm

Logan B.
Insurance Industry Hail, tornado, wind research

Insurance industry to gain new insight on the risks of hailstorms The insurance industry may not be able to control the weather, but it does have the capability to replicate some natural disasters in order to better understand their impact on property. The Insurance Institute for Business and Home Safety, an organization devoted to researching the risks associated with natural disasters, has created a full-scale hailstorm inside of its laboratory located in South Carolina. Creating the hailstorm is part of the organization’s ongoing effort to understand the effects of natural…

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Tropical Cyclone Rusty Makes Landfall; Brings Strong Wind Gusts

Guest Author
Tropical Cyclone Rusty1

According to catastrophe modeling firm AIR Worldwide, with 1-minute sustained winds of 136 km/h and gusts to 170 km/h, Tropical Cyclone Rusty came ashore as a severe… tropical cyclone-a category 3 storm by the Australian system of cyclone classification (approximately equivalent to a category 1 storm on the U.S. Saffir-Simpson Scale). Rusty made landfall in Pardoo, which is located approximately 110 kilometers east northeast of Port Hedland. Rusty is weakening as it moves further inland, but still wind gusts of 165 km/h were expected near the center of the storm…

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Winter Storm Nemo has mild impact on homeowners insurance

Dan
Snow Storm homeowners insurance

Homeowners insurance expected to fare well in wake of Nemo The northeastern U.S. has been suffering from a spate of natural disaster over the past few months. In October of last year, the East Coast was struck by Hurricane Sandy, which caused significant damage to homes and properties in New York and New Jersey. This month, a powerful blizzard swept across the northeast. Winter Storm Nemo, as it is called, buried much of the region in heavy snowfall, causing disruption of businesses in many states and causing further problems for…

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Floods Associated with Ex-Tropical Cyclone Strike Eastern Australia

Guest Author
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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News Report from AIR Worldwide Puts Recent Catastrophe Losses in Perspective

Guest Author
Insurance News on catastrophe insurance losses

BOSTON, Jan. 16, 2013 – In 2011, insured losses from global natural catastrophe losses exceeded USD 110 billion according to industry sources, the second-highest figure ever recorded. A new report from catastrophe modeling firm AIR Worldwide reveals that there is nearly a 7 percent probability that the global insurance industry will experience this loss level or greater in any given year (translating to a 15-year return period loss). AIR’s report titled Taking a Comprehensive View of Catastrophe Risk Worldwide not only puts the 2011 losses in perspective but also examines…

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