Haiyan Made Landfall As Category Five Storm
NEW YORK, Nov. 8, 2013 /PRNewswire-USNewswire/ -- The Insurance Information Institute (I.I.I.) has online editorial content and subject matter experts available for media covering the potential insurance repercussions of Super Typhoon Haiyan.
The Philippines, battered by about 20 cyclones a year, was most affected by Typhoon Bopha in 2012, which claimed 1,900 lives, making it the deadliest disaster of the year, according to Swiss Re. Total economic damage from Bopha was $902 million (U.S.), however most of that was uninsured. This is due to the fact that the non-life segment of the Philippines consists of dozens of tiny and under-capitalized firms. There has also been a slippage in non-life penetration over recent years.
THE TEN MOST COSTLY WORLD INSURANCE LOSSES, 1970-2012 (1)
($ millions)
Rate | Date | Country | Event | Insured loss in 2012 |
1 | Aug. 25, 2005 | U.S., Gulf of Mexico, | Hurricane Katrina; floods, dams burst, damage to oil rigs | $76,254 |
2 | Mar. 11, 2011 | Japan | Earthquake (Mw 9.0) triggers tsunami; aftershocks | 35,735 |
3 | Oct. 24, 2012 | U.S. et al. | Hurricane Sandy, floods | 35,000 |
4 | Aug. 23, 1992 | U.S., Bahamas | Hurricane Andrew; floods | 26,180 |
5 | Sep. 11, 2001 | U.S. | Terror attacks on WTC, Pentagon and other buildings | 24,349 |
6 | Jan. 17, 1994 | U.S. | Northridge earthquake (M 6.6) | 21,685 |
7 | Sep. 6, 2008 | U.S., Caribbean: Gulf of Mexico et al. | Hurricane Ike; floods, offshore damage | 21,585 |
8 | Sep. 2, 2004 | U.S., Caribbean; Barbados et al. | Hurricane Ivan; damage to oil rigs | 15,672 |
9 | Jul. 27, 2011 | Thailand | Floods caused by heavy monsoon rains | 15,315 |
10 | Feb. 22, 2011 | New Zealand | Earthquake (Mw 6.3), aftershocks | 15,315 |
(1) Property and business interruption losses, excludes life and liability losses. Includes flood losses in the United States insured via the National Flood Insurance Program.
(2) Adjusted to 2012 dollars by Swiss Re.
Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.
Source: Swiss Re, sigma, No. 2/2013.
THE TEN DEADLIEST WORLD CATASTROPHES, 2012 (1)
Rank | Date | Country | Event | Victims |
1 | Dec .4 | Philippines | Typhoon Bopha | 1,901 |
2 | Jan. 21 | Europe | Cold wave, severe frost | 824 |
3 | Sep. 3 | Pakistan | Floods caused by heavy monsoon rains | 455 |
4 | Feb. 15 | Honduras | Fire in a prison started by an inmate | 361 |
5 | Dec. 7 | Eastern Europe | Cold wave | 317 |
6 | Aug. 11 | Iran | Earthquakes (Mw 6.2 and Mw 6.0) | 306 |
7 | Mar. 4 | Republic of Congo | Explosion at arms depot caused by a short circuit | 286 |
8 | Jun. 1 | Peru | Cold wave | 252 |
9 | Feb. 2 | Papua New Guinea | Overcrowded ferry capsizes | 246 |
10 | Jul. 22 | Nigeria, et al. | Floods caused by heavy rains | 244 |
(1) Dead and missing.
Source: Swiss Re, sigma, No. 2/2013.
RELATED LINKS
Facts and Statistics: Global Catastrophes
International Fact Book: Philippines
RESOURCES
Philippine Insurers and Reinsurers Association
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