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The disasters striking of 2018

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Writing

18 December, 2018 09:30

If 2017 was a year more costly in terms of catastrophes for insurers, 2018 has not given its place. Whether it be the harsh winter in the beginning of the year, or the hurricanes and tornadoes that have hit several regions of the world, the insurance industry needs to keep the weather events to the eye, without which the insurers will likely see their losses increase. The Journal of insurance has compiled the disasters striking of 2018.

 

The winter storms

Data compiled by the insurance Bureau of Canada (IBC) and the Disaster Indices and Quantification (CatIQ) have revealed that the winter storms of the beginning of the year have caused insured losses of nearly $ 200 million. In the United States, the total damage amounted to about $ 3 billion.

For more information :

Storms : the 2018 winter’s costly to insurers

Storms : the bill increases for insurers since the beginning of the year

Winter storms : Nearly 3 billion dollars in damage in the United States

Storms : the total amount of insured losses approaching$200 Million

The storms caused more than$ 54 Million in damage in eastern Canada

Hurricanes, tornadoes, and high winds

Quebec and Ontario have been witness to strong winds at the beginning of the month of may. This is the disaster the most expensive in Ontario in five years, after the floods in Toronto in 2013, according to the insurance Bureau of Canada. The insured damages to the winds totaled $ 410 million.

Europe has seen at least three storms (Friederike, Eleanor and Carmen) which have resulted in damage to more than 2 billion u.s. dollars (G$ US). “When we look at the three storms and the insured losses that they have caused in Europe, the results are already comparable to the results obtained for the year 2017 in full,” explains the analyst of the team to forecast the impact of disasters ofAon Benfield, Michal Lörinc.

With us, tornadoes have occurred in the Outaouais region and in Ontario have caused damage of more than $ 295 million. One of the tornadoes hit a poor neighborhood of Gatineau, where a large portion of the tenants are not insured.

Finally, the hurricanes Florence and Michael who have reached respectively the States of Carolina and Florida, have each caused damage of more than$ 10 billion and US$ 4.5 billion US. Michael has also had the fourth winds, the most powerful ever recorded in the United States. Half of the damage of the hurricane will be absorbed by insurers, local insurers being particularly affected.

For more information :

The winds of early may were the disaster the most expensive in Ontario in 5 years

Tornadoes in the Outaouais : the damage amounted to more than$295 Million

Hurricane Florence : the economic losses will exceed$ 10 billion US

The winds of Michael among the most powerful ever recorded in the United States, reveals Aon

Insurers will absorb half of the damage of hurricane Michael

The fire

California has been the scene of several fires this year. The first time this year in the city of Redding in July and August, while more than 165,000 acres of land have been damaged. Fire Carr took more than a billion dollars, according to Aon Benfield.

Then, in November, the fires in the Camp Fire, Woolsey Fire and Hill Fire devastated concurrently the State. The town of Paradise has been hit especially hard by the Camp Fire, where 6 543 homes and 260 businesses have been destroyed, in addition to killing 29 people. Aon Benfield anticipates that this fire was the most devastating ever recorded in California. Many firms believe that the losses of the three fires will surpass$ 10 billion US.

It is that California has the “ideal conditions” for the fire, due to a combination of very hot air, humidity levels relatively low, and the soil very dry.

For more information :

The fires in California cost a billion dollars, according to Aon

California burns ! Other disaster costly for insurers

Fires in California : the losses will surpass$10 billion

The floods

A storm has caused flooding in the west and the centre of the city of Toronto, in September last. The insured losses from the disaster amounted to $ 80 million. “This event is another example of an increase in extreme weather events devastating across the country. This is a direct consequence of climate change. These floods occur more frequently and with increasing intensity, resulting in an increase in the costs to taxpayers and insurers “, had then explained the vice-president, Ontario, IBC, Kim Donaldson.

For more information :

Flooding in Toronto caused more than$ 80 Million in insured damages

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