Catastrophes

Facts + Statistics: Tornadoes and thunderstorms

Convective storms

Convective storms result from warm, moist air rising from the earth, and depending on atmospheric conditions, may develop into tornadoes, hail, thunderstorms with lightning, or straight-line winds. Convective storms are the most common and damaging natural catastrophes in the United States, according to Triple-I’s May 2020 white paper, Severe convective storms: Evolving risks call for innovation to reduce costs, drive resilience.

Facts + Statistics: Catastrophe bonds and other insurance-linked securities

The Securitization Of Insurance Risk: Insurance-Linked Securities

Facts + Statistics: Fire

Fire losses

Fire Losses, 2013-2022 (1)

 

Facts + Statistics: Global catastrophes

Global Catastrophes

  • Insured losses from natural catastrophes totaled $130 billion, 76 percent above the 21st century average, and 18 percent higher than 2020, according to the 2021 Weather, Climate and Catastrophe Insight report from Aon.
  • Hurricane Ida was the largest insured loss event in 2021 and the fourth costliest hurricane on record with $36 billion in insured losses.

9/11: The Tenth Anniversary

September 11, 2001, like the bombing of Pearl Harbor on December 7, 1941, is a day that lives in infamy. But 9/11 was different in the sense that the attacks targeted not only a military site—the Pentagon building in Virginia—but an internationally recognized building which was the workplace for thousands of civilians, New York City’s World Trade Center. Nearly 3,000 people died on 9/11 in Virginia, New York and Pennsylvania as a group of terrorists hijacked four commercial airplanes, and turned them into weapons of mass destruction.
 

Hurricane Andrew and Insurance: The Enduring Impact of an Historic Storm

Hurricane Andrew struck Florida on August 24, 1992, and the tumult it created for the property insurance market in the state has not ceased in the 20 years since, according to an analysis by the Insurance Information Institute (.I.I.). The I.I.I. white paper outlines  six key insurance market changes attributed to the costliest Florida disaster. Insurance claims payouts for Andrew totaled $15.5 billion at the time ($25 billion in 2011 dollars), and it remains the second costliest U.S. natural disaster, after Hurricane Katrina, which hit in 2005.

 

Please click on the file name below to view the white paper in PDF format. You will need Adobe Acrobat Reader to view the file.

Download Hurricane Andrew and Insurance PDF

You can download Adobe Acrobat Reader, free of charge, from the Adobe website (http://www.adobe.com/products/acrobat/readstep.html).

Note: Printer fonts may vary by browser and version of Adobe Reader.

Triangle Shirtwaist Factory Fire Centennial

The Triangle Shirt Waist Company Fire occurred on March 25, 1911, and resulted in the death of 146 workers.

The San Francisco earthquake of 1906: An insurance perspective

The earthquake and fire that devastated San Francisco on April 18, 1906 was one of the most significant natural disasters in the United States, as well as in the history of insurance. It produced insured losses of $235 million at the time, equivalent to $6.3 billion in 2018 dollars. In 1906, just as today, shake damage from earthquakes was excluded from standard property insurance policies. Damage from the fire which followed the earthquake was covered and constituted the vast majority of insured losses.

Catastrophe modeling: A vital tool in the risk management box

By Claire Wilkinson, Vice-President - Global Issues

Introduction

Catastrophe modeling is a risk management tool that uses computer technology to help insurers and reinsurers as well as business and government agencies better assess the potential losses caused by natural and man-made catastrophes.

Pages