The first time I noticed the coincidence I assumed there had been a mistake. The most-costly flooding in modern Italian history inundated the city of Florence on November 4, 1966. The Arno river burst its banks and flooded the low-lying heart of the city, with six meters (19.6 feet) of water in some riverine streets. A hundred people died and three to four million priceless medieval books and manuscripts along with precious artworks stored in basements, were damaged and destroyed. It was the worst flood in the city for at least 400 years.
But then the highest measured storm surge flood “acqua alta” in Venice, reached 1.94 meters above the sea level datum, on the same day in November 1966: November 4.
The victims of the Las Vegas shooter Stephen Paddock, the injured and the dependents of the 57 who died have one comfort following their tragic predicament. Their vicious and indiscriminate attacker (whose reported comments get the attack classified as “domestic terrorism”) chose to fire at the 20,000-plus crowd attending the Route 91 Harvest music festival from the 32nd floor of the Mandalay Hotel, part of the MGM chain with a US$735 million liability insurance coverage. As a result (reflecting in part the “moral hazard” of insurance limits), the victims will receive the distribution (after substantial lawyers’ fees) of a near-US$800 million settlement.
In the lead-up to the attack on October 1, 2017, Paddock had researched renting a high-rise condo in Las Vegas and also explored the crowd numbers on the beach at Santa Monica and considered other festivals to target in Boston and Chicago. If he had chosen to shoot from a residential building or clifftop, to the same effect, the only compensation the victims could have expected would have been the US$11 million raised in a public appeal after the shooting: equal to around US$200,000 for each of those who died. As it is, their compensation should work out 30 times more generous.
Interest in the 160-mile-long Garlock Fault, the second-largest fault in California, has been piqued recently after a Los Angeles Times article about deformation on the Garlock Fault due to the Ridgecrest sequence of events in July 2019. Since the publication of this article, RMS has received information requests focused around two main points.
First, does RMS believe that Ridgecrest impacted the Garlock Fault (and possibly others), and has therefore increased the probability of a rupture there? Second, does RMS support the assumption from the U.S. Geological Survey (USGS) that the most likely scenario is that the Ridgecrest quakes probably won’t trigger a larger earthquake, but have raised the chances of an earthquake of magnitude 7.5 or more on the nearby Garlock, Owens Valley, Blackwater and Panamint Valley faults over the next year. And how would RMS recommend that clients model and capture this increased risk?
Technological advances in communications, computing and computer networks are exposing new vulnerabilities that terrorist groups can exploit, making cyberterrorism a potential security concern. The media has extensively discussed this issue, invoking images of massive economic losses and even larger-scale loss of life from a cyberattack executed by a terrorist group. But just how real is the threat that cyberterrorism poses? Fortunately, the fear surrounding this issue outpaces the magnitude of the risk, and in this blog I will attempt to investigate.
It has been a year since the deadliest and most destructive wildfire in California’s history. The Camp Fire burnt some 153,336 acres, starting at Camp Creek Road, two miles from the small community of Concow, Butte County in Northern California. A fire was reported at 6.33 a.m. local time on Thursday, November 8, 2018, and spread to Concow within 30 minutes and by 8 a.m. had moved quickly west to the town of Paradise (pop. ~26,800).
The town was devastated within hours, as embers driven by 50 miles per hour winds created an urban conflagration which saw 80 to 90 percent of the town destroyed. The fire took 15 days to fully contain. Overall, the fire destroyed a total of 18,804 structures, and killed 85 people.
The insurance industry is also still reeling after both last year’s and the previous year’s record-breaking California wildfire seasons with US$23 billion in insured losses. All eyes are on the current events as a quiet early season has morphed into an active late season, as the Kincade Fire in Sonoma County that started on October 23, burnt some 77,758 acres and destroyed 374 structures according to CAL FIRE. The Kincade Fire is now the largest ever wildfire in Sonoma County.