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Hurricane Michael: loss assessment and cost for insurers

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Magazine Issue: 
China’s awakening sends shockwaves around the world [3]
Magazine date: 
Oct 2018

AIR Worldwide estimates that Hurricane Michael has caused between 6 and 10 billion USD in losses for the insurance and reinsurance industry.

Hurricane Michael made landfall in Florida on October 10th, 2018 as a Category 4 storm, producing winds of up to 250 km/h. This is the most powerful hurricane to hit the United States since Andrew in 1992.

The catastrophe caused the death of 29 people in the Southeastern states of the USA. Several buildings and vehicles were damaged. Infrastructure has also been affected.

Despite the extent of the disaster, many analysts believe that the damage will be manageable. Financial companies KBW and Willis Towers Watson maintain that losses will be absorbed and that they will pose no problem for insurers.

S & P states that hurricane Michael is more of a premium-generating event than a loss-genrating one.

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Thu, 18/10/2018 - 13:01

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