November 2016 Preview: Historical Catastrophe Activity

By Property Claim Services November 14, 2016

The 2016 hurricane season will come to an end on November 30. So far this year, two catastrophes have been designated as tropical events. Hurricane Hermine affected Delaware, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia between August 31 and September 4 and resulted in approximately $245.6 million in insured losses. The other tropical event this year was Hurricane Matthew, which affected Florida, Georgia, North Carolina, South Carolina, and Virginia between October 6 and October 9. Those two events together have totaled more than $2.9 billion in insured losses so far, and both are currently open for further resurveys.

While there have been no tropical storm–related catastrophes in November in the past ten years, risk remains. Eight catastrophes have been designated in November in the last ten years, resulting in approximately $1.1 billion in insured losses. The largest November event was in 2006, when winter storm CAT 89 caused $300 million in total insured losses. Last November, two catastrophes were designated: CAT 99, a wind and thunderstorm event that resulted in approximately $253.1 million in total insured losses, and CAT 11, a winter storm event that resulted in approximately $91 million in insured losses.

November Historical Data 2006–2015

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The PCS Catastrophe Previews are proprietary and copyrighted documents that may not be copied or redistributed without prior written consent from ISO. Subscribers to PCS are permitted to copy the bulletins for their internal use only. The catastrophe loss estimates reported in the PCS Catastrophe Previews are proprietary intellectual property. They may not be used by anyone for any investment or insurance purposes without an appropriate license from ISO.

PCS is recognized around the world as the property/casualty insurance industry’s authority on catastrophic events in the United States, Canada and Turkey. In addition to providing a wide range of services to subscribers in the United States, PCS maintains contact with industry representatives in many foreign cities and Bermuda.

The PCS name has become synonymous with catastrophe reporting and assignment of catastrophe identification numbers. PCS information is used primarily as a check on internal company damage estimates in setting loss reserves and as a guide to deployment of field adjusters.

For more information available from PCS, please contact Ted Gregory at (201) 469-3144 or e-mail tgregory@verisk.com.

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