Weather coverage segment may be seeing loss ratios as high as 100 percent. Damage to crops that has occurred as a result of cyclones could be leading to higher loss ratios in the weather South Asian insurance industries, with predictions that they could be as high as 100 percent, this year. Cyclone Phailin has caused a tremendous loss ratio this year when it struck in October. The crop damage that was caused by Cyclone Phailin when it struck the coast of Orissa and Andhra Pradesh early in October may lead…
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AIR Estimates Insured Losses from Super Typhoon Haiyan at Between USD 300 Million
Catastrophe modeling firm AIR Worldwide estimates that total damage to residential, commercial, and agricultural properties from Super Typhoon Haiyan will range… between USD 6.5 billion and USD 14.5 billion. However, because insurance penetration in the region is relatively low, AIR estimates that insured losses will range between USD 300 million and USD 700 million. “Super Typhoon Haiyan made landfall on the southern tip of Samar Island early morning local time on November 8 as one of the most powerful tropical cyclones in modern record-keeping,” said Dr. Peter Sousounis, senior principal…
Read MoreAIR Estimates Insured Losses from Last Week’s European Windstorm Christian at Between EUR 1.5 Billion and EUR 2.3 Billion
BOSTON, Nov. 7, 2013 – Catastrophe modeling firm AIR Worldwide estimates that insured losses from Windstorm Christian (known as St. Jude in the UK) will range between EUR 1.5 billion and EUR 2.3 billion, with the majority of insured losses occurring in Denmark and Germany. Significant insured losses also occurred in the Netherlands, France, UK, and Sweden. “Windstorm Christian smashed into southern Britain on Monday, October 28, knocking down trees, flooding lowlands, and disrupting travel over land, sea, and air,” said Gerhard Zuba, senior principal scientist at AIR Worldwide. “Gusts…
Read MoreInsurance news from Toronto shows Co-operators lost over $37 million to flood
The insurer has revealed its latest data, including a massive loss last quarter from the flooding in July. The massive flooding that swept through Toronto, Canada, this July is making insurance news headlines once more as Co-operators General Insurance Company has now reported that it experienced a loss of $37.9 million as a result of that one sudden event. The flooding came on out of the blue as a result of an unexpected and exceptionally heavy rain storm. The insurance news was considerable at the time, but now it has…
Read MoreInsurance industry won’t hurt too much from Cyclone Phailin
It is believed that the losses will be less than an estimated $1.6 million, possibly much less. On Saturday, Cyclone Phailin smashed its way through Odisha and Andhra Pradesh in India, following a massive evacuation of the area, leaving the world and the insurance industry to wonder what would be left behind. Officials are now saying that there may not be very large losses for insurers to have to face. According to those officials from the insurance industry, the largest amounts of destruction were sustained by “kuchcha houses” (which are…
Read MoreAIR Worldwide Updates Estimates of Insured Value of U.S. Coastal Properties
BOSTON, June 3, 2013 – Catastrophe modeling firm AIR Worldwide has released an update to its “The Coastline at Risk” report. The update presents and discusses AIR’s most recent estimates of the insured value of residential and commercial properties in states along the Eastern Seaboard and Gulf Coast of the United States. While above-average sea surface temperatures in the last nearly two decades have elevated hurricane activity in the open Atlantic, there is a far more certain driver of U.S. hurricane risk that the insurance industry faces. It is the…
Read MorePowerful M7.8 Earthquake Strikes Iran-Pakistan Border
According to catastrophe modeling firm AIR Worldwide, just after 3:00 p.m. local time (10:44 UTC) on April 16, a powerful M7.8 earthquake struck… a sparsely populated area of southeastern Iran about 50 kilometers (30 miles) from the country’s border with Pakistan. According to the United States Geological Survey (USGS), the earthquake struck at a depth of 82 kilometers (51 miles). The Iranian Seismological Center characterized the quake as the worst to strike the country in 40 years. It was felt as far away as New Delhi, India, and the…
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