Tag Archives: Property Casualty 360

2018 Atlantic Hurricane Season: Your Questions Answered

I had the privilege of joining Property Casualty 360 for a Facebook Live video discussion last week, together with my colleague Wallace Hogsett, client manager at RMS. Danielle Ling, associate editor at PC360 was the host of the discussion, entitled “2018 Hurricane Season: Where Are We Now?”.

We began by providing a perspective on the impacts of this season’s hurricanes. The two big hurricane events to impact the U.S. in 2018 (so far) have obviously been Hurricanes Florence and Michael, but each possessed very different characteristics. Florence maintained Category 4 status on the Saffir-Simpson Hurricane Wind Scale (SSHWS) for around a week, before wind shear tempered it to a Category 1 as it made landfall near Wrightsville Beach, North Carolina on September 14. While many areas were subject to significant wind gusts and storm surge, Florence was primarily a flood event, causing historic rainfall and inland flooding throughout the Carolinas.

On the other end of the scale, Wallace stated how Michael was a classic intense hurricane — the most intense to make landfall in the U.S. since Andrew in 1992 — almost reaching Category 5 status upon its landfall in Mexico Beach on October 10. The scenes of structures reduced to their “slabs” with just their foundations left showed that this was primarily a wind and storm surge event. In total, damages stretched from the Florida Panhandle region through the Southeast and the Carolinas.

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2018 North Atlantic Hurricane Season: Where Are We Now?

In the last month or so, two significant North Atlantic hurricane events have brought the latter half of the current hurricane season into sharp focus — and what marks these two events out was how different they were. With Hurricane Florence making landfall on September 14 in North Carolina, this event was one of the most intense storms to go above 30 degrees north in recent history.

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What’s Happening with Flood? Ask an Expert

Flood risk is one of the most severe natural hazards in the United States, yet maybe it is one of the least well-managed, and least understood by insurers. It is not surprising that many insurers have chosen to stay on the sidelines of the U.S. flood insurance market, which has been dominated for more than 40 years by the state-backed National Flood Insurance Program (NFIP).

But slowly, the hurdles to private sector involvement are starting to clear, through the combined efforts of the industry, FEMA, and even private citizens. It will be an exciting time for private insurers and Americans if the new flood reform bill, H.R. 2874 passes through the Senate, as measures in the bill include increased acceptance of private flood insurance by mortgage providers, easing of fixed claims limits, and open source access to FEMA’s extensive claims database.

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