Read on Twitter
There is already a lot of #HurricaneLaura info for the insurance industry in the media which is why in this @BMSGROUP Insight I took a completely different angle to the impacts on the insurance industry you won't read any other place but here. Trust Me! https://www.bmsgroup.com/news/bms-tropical-update-08-27-2020
Here is a summary:
#HurricanLaura was historic.
1). Wind damage is what we would expect. Damage to the West is more limited than what was expected. The wind swath from @VeriskInsurance Respond shows the vent well and will help the insurance companies understand the event.
#HurricanLaura was historic.
1). Wind damage is what we would expect. Damage to the West is more limited than what was expected. The wind swath from @VeriskInsurance Respond shows the vent well and will help the insurance companies understand the event.
I would say the worse of the damage is like a large wide tornado hitting Lake Charles. Tree fall and damage will be widespread as expected.
2). Use Social Media to understand the event. @Snapchat is great for this. It is the best source. @Twitter limits georeferencing
2). Use Social Media to understand the event. @Snapchat is great for this. It is the best source. @Twitter limits georeferencing
Look beyond the main focal point of the damage. See what is going on around the image in the background what other types of damage do you see. Social media gets away from sensualized journalism that shows the same thing or the worse of the damage.
3.) The Elephant in the room is what about the storm surge. This needs to be addressed because next time people won't go as there is a bit of cry wolf potential. We do see however that the worse of it went east to an unpopulated area.
This might also show how important wetlands are to limiting storm surge damage. We are losing these area and they need to be protected to limit loss.
4.) We need catastrophes to learn from. The resources that were deployed during a pandemic were impressive.
4.) We need catastrophes to learn from. The resources that were deployed during a pandemic were impressive.
The insurance industry will learn a lot from this event. This will ultimately lower the overall risk of damage and loss for the insurance industry and should make it much cheaper for all policyholders to insure property risks.
5.) Parts of the insurance industry have dodged a bullet here and surely this will have an impact on the livelihoods of many. However, the industry needs to reflect on the past few years.
Since 2016 there have been several storms that have come very close to major metro areas of the U.S., such as Dorian last year that stalled 110 miles away from the very populated Florida coastline.
The overall hazard along the U.S. coastline is fairly well known, but the heavy pockets of exposure are very random. Thus far there has been a bit of luck that a major loss has not occurred in a very long time now.
You read this thread now read the full content it is worth it!
You read this thread now read the full content it is worth it!
