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Hurricane Andrew

11 posts

Hurricane Andrew was a small, but very powerful and destructive Category 5 Atlantic hurricane that struck the Bahamas, Florida, and Louisiana in August 1992. It is the most destructive hurricane to ever hit Florida in terms of structures damaged or destroyed, and remained the costliest in financial terms until Hurricane Irma surpassed it 25 years later.
Andrew was also the strongest landfalling hurricane in the United States in decades and the costliest hurricane to strike anywhere in the country, until it was surpassed by Katrina in 2005. In addition, Andrew is one of only four tropical cyclones to make landfall in the continental United States as a Category 5, alongside the 1935 Labor Day hurricane, 1969’s Camille, and 2018’s Michael.
While the storm also caused major damage in the Bahamas and Louisiana, the greatest impact was felt in South Florida, where the storm made landfall as a Category 5 hurricane, with 1-minute sustained wind speeds as high as 165 mph (266 km/h) and a gust as high as 174 mph (280 km/h).
Passing directly through the cities of Cutler Bay and Homestead in Dade County (now known as Miami-Dade County), the hurricane stripped many homes of all but their concrete foundations and caused catastrophic damage. In total, Andrew destroyed more than 63,500 houses, damaged more than 124,000 others, caused $27.3 billion in damage (equivalent to $57 billion in 2022),[nb 1] and left 65 people dead.

Insured Losses from Convective Storms in the U.S. exceedes $50 bn

Insured Losses from Convective Storms in the U.S. exceedes $50 bn

The U.S. is experiencing its costliest year ever in 2023 for severe convective storms, with insured losses from these events exceeding $50 bn
North Atlantic & Western North Pacific Hurricane Season's Impact for Re/Insurers

North Atlantic & Western North Pacific Hurricane Season’s Impact for Re/Insurers

Moody’s RMS overview of North Atlantic seasonal activity forecasts and summarized the key oceanic and meteorological drivers behind the predictions
TOP 20 Costliest U.S. Hurricanes. Economic Losses Will Increase by 10% over 20 Years

TOP 20 Costliest U.S. Hurricanes. Losses Will Increase by 10% over 20 Years

Aon’s work with Columbia University has revealed that under selected scenarios, U.S. hurricane losses would increase by at least 10% over 20 years
ILS, Cat Bond & Post Hurricane Ian Reinsurance Market Update

ILS, Cat Bond & Post Hurricane Ian Reinsurance Market Update Q1 2023

The property catastrophe bond market supported new and repeat insurance, reinsurance and government sponsors
Natural Catastrophes Drivers. 6 Main Lessons Learned for Insurance Industry

Natural Catastrophes Drivers. 6 Main Lessons for Insurance Industry

The natural disasters demonstrate that economic factors, in the last two years augmented by inflation, are the main driver of elevated insured losses from natural catastrophes
Global Insured & Economic Losses from Natural Catastrophes Outlook

Global Insured & Economic Losses from Natural Catastrophes Outlook

Natural disasters resulted in global economic losses of USD 275 billion, of which USD 125 billion were covered by insurance
How ILS Can Support Additional Re/Insurance Capacity for Cyber Risk

How ILS Can Support Additional Re/Insurance Capacity for Cyber Risk

ILS plays a key role in allowing catastrophe risk to be transferred from the commercial insurance market to investors, providing additional (re)insurance capacity
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  • Challenges for Cyber Insurance Market's Growth Potential
    Challenges for Cyber Insurance Market’s Growth Potential
  • Natural Disaster Trends. Top 10 Costliest Economic & Insured Loss Events
    Natural Disaster Trends. Top 10 Costliest Economic & Insured Loss Events (1900-2023)
  • Global Insurer's Structured Securities Investments Outlook
    Global Insurer’s Structured Securities Investments Outlook
  • Cyber Insurance and Cyber Risk
    Cybersecurity & Cyber Insurance Market. How to Reduce the Impact of Cybercrime?
  • U.S. Homeowners Insurance Results: 2023 Premium Growth & Underwriting Loss
    U.S. Homeowners Insurance Results: 2023 Premium Growth & Underwriting Loss

2024 Global Reinsurance Rate for Property Catastrophe Forecasts

2024 Global Reinsurance Rate for Property Catastrophe Forecasts

Reinsurance rate increases for property catastrophe business are likely to slow to below 10% on average when contracts are renewed in January 2024
Global Insurance Market Dynamics & Regional Trends in Q3 2023

Global Insurance Market Dynamics, Products & Regional Trends in Q3 2023

While the 2023 insurance market continued to moderate as insurers sought to balance growth with profitability, divergent conditions
Navigating the Challenges of Property Insurance Market

Navigating the Challenges of Property Insurance Market

Q4 has historically been an important time for the Property insurance market, as the peak reinsurance renewal season approaches, and the Atlantic hurricane season runs
Natural Catastrophes Will Break Several Insured Losses Records

Natural Catastrophes Will Break Several Insured Losses Records

Natural catastrophes will once again break several insured loss records in 2023. A high number of low-to-medium-severity events will aggregate to insured losses

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