NATCATs

Natural Catastrophes

A natural catastrophe is a major adverse event that can cause loss of life or damage to property. The severity of an event depends upon the affected population's resilience, ability to recover and available infrastructure.

Losses From Natural Disasters Surge Over Last 20 Years...reported economic losses from earthquakes, volcanic eruptions, floods, hurricanes and other climate-related disasters reached nearly $2.9 trillion.

The United Nation - 2018

Hurricanes

Hurricanes are large, swirling storms. They produce winds of 119 kilometers per hour (74 mph) or higher. Hurricanes form over warm ocean waters...When a hurricane reaches land, it pushes a wall of ocean water ashore. This wall of water is called a storm surge. Heavy rain and storm surge from a hurricane can cause flooding.

NASA - 2018

Hurricane Michael made landfall on Oct. 10 (2018) near Mexico Beach, Florida. More than 85,000 of the 125,000-plus claims Florida’s insurers received as of Nov. 16 as a result of Hurricane Michael were for insured residential properties, and the total estimated insured claim payouts currently are estimated at $3.4 billion.

Insurance Information Institute - 2018

Wildfires

Wildfires burn millions of acres every year, leaving death and destruction in their wake. While natural causes (and climate change) play a part, nearly all wildfires are caused by people. Also, the number of wildfires has increased in recent years, and they are burning longer.

Live Science - 2018

U.S. wildfire losses during the past 10 years have totaled $5.1 billion, according to Verisk Analytics, a data-analytics provider that serves the insurance industry. About 4.5 million U.S. homes are at high or extreme risk of wildfires.

Live Science - 2018

MIS-Data was utterly critical to the Lloyds of London Managing Agent community in the early stages of Hurricane HARVEY; enabling quick understanding, discounting outdated models and managing a coordinated market response

London market Managing Agent - October 2017

Flooding

A flood occurs when water overflows or inundates land that's normally dry. This can happen in a multitude of ways. Most common is when rivers or streams overflow their banks. Excessive rain, a ruptured dam or levee, rapid ice melting in the mountains, or even an unfortunately placed beaver dam can overwhelm a river and send it spreading over the adjacent land, called a floodplain. Coastal flooding occurs when a large storm or tsunami causes the sea to surge inland.

National Geographic - 2018

According to the Federal Emergency Management Agency (FEMA) floods—including inland flooding, flash floods and flooding from seasonal storms—occur in every region of the United States. In fact, 90 percent of all natural disasters in the U.S. involve some type of flooding.

Insurance Information Institute - 2018

Earthquakes

Earthquakes are the result of plate tectonics, or shifting plates in the crust of Earth, and quakes occur when the frictional stress of gliding plate boundaries builds and causes failure at a fault line. In an earthquake, elastic strain energy is released and waves radiate, shaking the ground. Scientists can predict where major temblors might occur in a general sense, but research does not yet allow forecasts for specific locations or accurate predictions of timing.

Live Science - 2018

The 1994 Northridge quake was the costliest U.S. earthquake on record causing $15.3 billion in insured damages when it occurred ($25.6 billion in 2017 dollars). It ranks as the seventh costliest U.S. disaster, based on insured property losses (in 2017 dollars).

Insurance Information Institute - 2018

McKenzie Intelligence via its MIS-Intel portal won the outstanding Achievement of the year at the British Claims awards for creating an initiative that marks a new departure for claims resolutions

John Eves - Chartered Institute of Loss Adjusters

Volcanic Eruptions

A volcano on Earth is a vent or fissure in the planet's crust through which lava, ash, rock and gases erupt. A volcanic eruption is one of nature’s most destructive forces, and can result in damage or destruction to homes, businesses, transportation and agriculture.

Live Science - 2018

Active volcanoes in the United States are found mainly in Hawaii, Alaska, and the Pacific Northwest. For example, Mount St. Helens in Washington State erupted on May 18, 1980, causing an estimated $31 million in insured losses.

Insurance Information Institute - 2018

Storms

Hail causes about $1 billion in damage to crops and property each year. Events involving wind, hail or flood accounted for $29.7 billion in insured catastrophe losses in 2016 dollars from 1996 to 2016 (not including payouts from the National Flood Insurance Program).

Property Claim Services (PCS®) - 2018

Damage caused by wind and hail cost State Farm and its policyholders more than $2.4 billion in 2014.

Insurance Information Institute - 2018

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