Tag Archives: hurricanes

Haiyan Loss

Super Typhoon Haiyan's Eye - detailed infrared image from NASA/NOAA

Every time there is a major natural catastrophe somewhere in the world, losses are measured in several terms. First and foremost there is the human cost. While the loss of life may eventually be measured in a number, the suffering … Continue reading →

Lessons from Hurricane Sandy: “A Wake-up Call”

Hurricane Sandy: NJ coast. A handout photograph by the US Air Force on 30 October 2012, taken during a search and rescue mission by 1-150 Assault Helicopter Battalion, New Jersey Army National Guard, in New Jersey, USA. Credit: EPA

Maybe the reason this year’s hurricane season has been so light is that last year’s gave us so much to think about. Insurers realized they were underpricing a serious exposure – “we were giving it away,” one underwriter said. Continue reading →

Prepare for a Rough Hurricane Season

Emergency Kit

Hurricane season has returned, and forecasters say it will be an extremely active one.  Hurricanes cause heavy rains and high winds that can result in extensive damage in coastal and inland areas.  Continue reading →

NYIA 2013 Annual Conference: A Few Thoughts on Superstorm Sandy and Northeast Hurricane Risk

Superstorm Sandy Oct 30, 2012

I recently delivered a presentation at the New York Insurance Association’s (NYIA) 2013 annual conference, New York’s premier property and casualty insurance industry event, which was held in Lake Placid, New York during May 29th-31st. The conference was attended by close … Continue reading →

2013 Hurricane Season: What Happens if the Big One Hits?

Hurricane Winds (gold)

Last year’s Hurricane Sandy caused approximately $20 billion in insured losses.  Notwithstanding the devastating loss of life and extensive property damage, Sandy was not a true tail catastrophe event from a U.S. perspective.  Continue reading →

Video: The Devil is in the Detail: Hurricane Sandy-Related Insurance Claim Issues Beginning to Emerge

Hurricane Sandy: New Jersey Coast

As Hurricane Sandy-related insurance claims move into the next phase of the adjustment process, several key issues are beginning to emerge.  Continue reading →

Video: Sandy’s Price Tag Keeps Climbing

Hurricane Sandy: Utter Destruction

The Wall Street Journal reported today that catastrophe modeling firm Risk Management Solutions is telling clients that insured losses from Hurricane Sandy could reach $25 billion or more, the highest potential estimate reported since the storm struck two weeks ago. Continue reading →

Video: Cleaning Up Environmental Claims After Sandy

Hurricane Sandy, Atlantic City, NJ. 31 October 2012. Credit: EPA

There’ll be a lot of complex claim scenarios following the natural disaster named Sandy that struck the heart of America’s most populous region. Among the most complicated will be those that involve the release of hazardous contaminants or pollutants. Continue reading →

How the Property Marketplace is Reacting to Sandy

Hurricane Sandy: NJ. A handout photograph provided by the US Air Force on 31 October 2012 shows aerial views of the damage caused by Hurricane Sandy to the New Jersey coast, taken during a search and rescue mission by 1-150 Assault Helicopter Battalion, New Jersey Army National Guard, in New Jersey, USA, 30 October 2012. Credit EPA

Even before all the lights are back on in the Northeast, Superstorm Sandy is changing our view of the property market.  With recovery and assessment activity underway, claims continue to escalate and the insurance marketplace is reacting. Continue reading →

Video: Counting the Cost of Sandy

Hurricane Sandy: Seaside Heights, NJ, 31 October 2012. Credit: EPA

Willis CEO and Chairman Joe Plumeri talks to CNBC about the cost of Hurricane Sandy to the insurance industry and U.S. economy. Continue reading →