Guy Carpenter & Company, LLC, a global risk and reinsurance specialist, today released its annual Global Catastrophe Review, which reports that insured losses in 2014 were at the lowest level seen since 2009. According to the report, significant insured losses in 2014 totaled approximately $33 billion, a dramatic drop when compared to the historic insured losses seen in 2011, which totaled approximately $126 billion. The Americas accounted for 57% of global losses in 2014, compared to 48% in 2013, 87% in 2012 and 26% in 2011.Man-made incidents included the explosion of an unmanned supply rocket in October in Virginia, the October crash of the Virgin Galactic spaceship in California and the Chevron Phillips refinery fire in Texas in July.Natural catastrophes of 2014The first natural catastrophes of 2014 included the severe arctic weather outbreak of early January, which brought severe cold to eastern North America. While the winter of 2014 was not unprecedented, it was among the coldest 30 winters for many states. The cold winter of 2014 caused insured losses of around $2.3 billion.A severe weather outbreak occurred April 27 to May 1, affecting most of the Eastern United States. According to the U.S. National Weather Service, the event spawned confirmed EF-3 tornadoes in the areas of Tupelo and Jackson, Mississippi and EF-4 tornadoes in Mayflower, Arkansas and Louisville, Mississippi. This event rendered $1.1 billion in insured losses.A later event affected the area south of the Great Lakes from May 18 to May 23, with insured losses of around $2.9 billion. This event saw multiple reports of hail exceeding two inches in diameter in Ohio, Indiana and Illinois, and another report in Illinois of four inch hailstones. Despite these notable severe weather outbreaks, overall hail reports for 2014 were below the 2005 to 2013 average. 2014 preliminary tornado reports were also well below average.Only one hurricane made landfall on North American mainlandOnly one hurricane in the North Atlantic Basin made landfall on the North American mainland. The first hurricane of the season, Hurricane Arthur, made landfall along the North Carolina Outer Banks, but did not render widespread or excessive damage. Estimated insured losses from Hurricane Arthur were less than $250 million.2014 was a relatively quiet year. Globally, notable insured losses in 2014 included the February snowstorms in Japan, flooding in the United Kingdom, the disappearance of Malaysian Ailines Flight 370 in March, the loss of Malysian Airlines Flight 17, which was shot down over Ukraine in July, and an AirAsia flight that crashed into the ocean near Indonesia in late December.
Thank you to Sue Piper (left) and Eileen Freiburger (not pictured) for serving on our Board of Directors. As we say farewell we are so grateful. Your leadership and dedication to the organization has been critical to UP’s contributed growth and impact. #thankyou
CESA Book Club is reading about Volcanoes this quarter!
Check out what the CESA Book Club is reading 🧵👇
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Much of the guidance that United Policyholders (UP), a non-profit organization provides to insurance consumers and disaster survivors comes from professional volunteers who share insights and technical information. Our staffers attend conferences to stay…https://lnkd.in/gqzXakfu
Thank you to @KUNC for keeping a spotlight on the #MarshallFire long term recovery. If you live in Colorado, make sure you have at least 24 months temporary rent in your home insurance policy.
What people say about UP
“This group provided valuable information and support for those who lost their homes in the Fourmile Fire two years ago and they have worked in many other communities that have suffered property damaging disasters. I recommend them without reservation.”United Way
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