U.S. in Longest Stretch Without Major Hurricane Landfall Since 1860s

The U.S. has gone seven consecutive years without a landfalling major hurricane, the longest stretch since the 1860s, a meteorologist with Aon Benfield’s catastrophe modeler says.

“The United States is certainly in a quiet period, with Hurricane Wilma in 2005 being the last major hurricane to make landfall in the United States,” Steve Bowen, senior scientist at Impact Forecasting, said during a webinar today.

In fact, Bowen said 2012 marks the fourth consecutive year of below-average tropical-cyclone landfall on a global basis.

However, despite the slowdown in tropical-cyclone landfalls, global catastrophe losses in 2012 were 36 percent higher than the 10-year average, an Impact Forecasting report notes.

Losses for the year are currently estimated to be $72 billion, while the 10-year average is $53 billion.

Economic losses, meanwhile, were $200 billion, slightly above the 10-year average of $187 billion.

Bowen observed in an interview with PC360 that the level of loss does not necessarily correlate with the number of events that occur in a given year. Insurance penetration and economic development contribute substantially to the final figures.

The Impact Forecasting report notes, for example, that the higher-than-average 2012 insured losses are primarily due to the number of catastrophe events in the heavily insured United States.

Superstorm Sandy was the largest loss event in 2012, with Impact Forecast estimating $28 billion in insured losses across private insurance and government programs. The storm is expected to cause approximately $65 billion in economic losses across the United States, Canada, the Caribbean and the Bahamas.

“Sandy [becomes] the second most expensive hurricane event in history,” Bowen said during the webinar.

Aon Benfield has also launched its Catastrophe Insight Impact Forecasting website today, which allows access to information on catastrophe events worldwide and lists 10-year economic and insured-loss data. Access to other related reports is also available on the site. 

Comments

Resource Center

View All »

Contractors General Liability Coverage 102

What is a prior work exclusion? Which option is right for my client? Why do...

Sign up today to get a 50% matching credit -...

Insurance marketing sometimes seems like it's a game of swings and misses, but we're here...

Guide: 5 Steps to Selling Cyber

Cyber risk and data security is on the agenda of every business owner and executive....

Citation Correlation

Do rigger and signalperson qualifications correlate with the cause of crane and rigging accidents? ...

Complete Guide to Electronic Signatures in Property & Casualty Insurance...

In property and casualty insurance, closing new business quickly is key. Learn how to leverage...

INSTANT ACCESS: Complimentary Sales Closer Questionnaires

Help property owners or managers compare your commercial residential property insurance coverage vs. the competition....

Determining Vacant Property Perils and Valuations

Are your clients fully covered for Vacant Properties? In this economic climate, your insureds may...

Risk Management for Law Firms

This package of 3 concise risk management articles offers straightforward content and practical suggestions law...

Guide: Top 15 E&O Risks-And How To Avoid Them

Accidents happen. But when it's an errors and omissions oversight, that accident can open your...

We'll Show You How to Reach Your Sales Goals

Whether you work alone or have a team of agents working for you, we can...

Claims Connection eNewsletter

Breaking news on disasters, fraud, legal trends, technology, and CE initiatives for the P&C claim professional – FREE. Sign Up Now!

Claims-Handling Guidelines

Claims Magazine is providing the following free guidelines and regulations in order to help adjusting professionals stay abreast of each state’s unique property and casualty claim-handling requirements.

View our State Guidelines »

Advertisement. Closing in 15 seconds.