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August 29, 2015 marks the 10-year anniversary of the largest-ever windstorm loss and the costliest disaster in the history of the global insurance industry. To mark the date, a new risk bulletin from Allianz Global Corporate & Specialty (AGCS), "Hurricane Katrina 10: Catastrophe Management and Global Windstorm Peril Review," published Aug. 18, analyzes windstorm risks and losses and examines the business lessons learned from Katrina for future global windstorm loss mitigation, given increasing weather volatility.
Whether hurricanes in the U.S., typhoons in Asia or winter storms in Europe, the report's authors note, strong winds can easily cause property and business interruption losses for companies, as indicated by an analysis of more than 11,000 AGCS major business insurance claims greater than €100,000 worldwide from 2009 to 2013. More than 400 storm-related claims were filed during this period, showing that windstorm ranks fifth in the top 10 causes of loss for businesses according to the value of the claims. Windstorm losses account for approximately 40% of all natural hazard losses by number of claims and 26% by value, according to AGCS analysis.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
