Hurricane track above Earth; photo courtesy of The Atlantic
Feeling a bit apocalyptic out there? Four back-to-back Category 4 hurricanes (Harvey, Irma, Jose, and Maria), coupled with wildfires and earthquakes, have left many North Americans, in particular, wondering is this the new norm? Or, is this what we should have expected from the 2017 hurricane season? (Read on and tweet us @spatialkey to cast your vote).
An abandoned boat takes on water on the Mississippi Gulf Coast - Image courtesy of NY Post
Hurricane Nate made landfall Saturday night as a Category 1 hurricane, packing winds of 85 MPH. Nate follows a slew of major storms, some of which have been historic. With record-setting floods and maximum sustained winds, these storms are a reminder that we need to stay prepared, and remain alert once an event is forecasted.
Hurricane Maria devastation, courtesy of the Wall Street Journal
Hurricane Maria barreled into Puerto Rico on Wednesday as a Category 4 hurricane and was the most powerful storm the island has seen in nearly a century. Earlier in the week, Maria hit the Caribbean island of Dominica as a Category 5 hurricane. Maria is the fourth major hurricane (Category 3 or more) this season and on track with NOAA’s predictions. While four major hurricanes should not come as a surprise, what has been surprising is how close together they have occurred. Maria comes on the heels of Harvey, Irma, and Jose, making it imperative that insurers work to stay ahead of these events and be prepared in a time of extreme weather uncertainty.
Just weeks after Hurricane Harvey devastated much of Texas and Louisiana, causing record-breaking floods and rampant destruction, we’re already preparing for Hurricane Irma. The storm is projected to make landfall in Florida this weekend as at least a Category 4 hurricane. Based on wind speed, Irma is among the strongest Atlantic hurricanes on record. And, with severe damages in the Caribbean already, Irma will be one to watch very closely. In a time of chaos and uncertainty, we must all work together—insurance carriers, commercial providers, government, and scientists alike—to share as much information as we can to protect policyholders and portfolios. With this in mind, we’ve created a list of SpatialKey-specific resources as well as our top external resources:
Severe flooding in Texas caused by Hurricane Harvey (businessinsider.com)
Since progressing to Category 4 strength over the weekend, Hurricane Harvey has regressed back into a tropical storm. As predicted, rainfall and flooding have taken over as the main threats from Harvey, making this storm far from finished.
Track of Hurricane Harvey and sample portfolio exposure
When Hurricane Harvey makes its eventual landfall late Friday evening into Saturday morning, it’s expected to be the first Category 3 hurricane to hit Texas since Hurricane Bret in 1999. The storm grew quickly, with 30 mph winds developing into 80+ mph winds in just a few days.
Satellite image of Tropical Storm Cindy, courtesy of hattyphoto
With an above-average 11 to 17 named storms predicted this hurricane season, members of the P&C insurance industry need to be fully equipped to weather the storms. We know it only takes one bad storm to impact a nation’s economy for months, even years. Hurricane Matthew (2016) was the first hurricane to reach Category 5 since 2007, causing $10 billion worth of damage in the U.S. and displacing thousands. Not only that, it was the 13th billion-dollar weather disaster in the U.S. last year.
2016 has been a year of growth and evolution here at SpatialKey from enhancing our solution for underwriters, actively monitoring catastrophic events that impacted insurers, and bringing on more 3rd-party data partnerships to fuel our solutions. With 2017 on the horizon, now is the time to reflect on the events of 2016 and understand how they can inform your strategy for 2017.
SpatialKey Inc. (SpatialKey) is pleased to offer its insurance clients access to hazard data from HazardHub, a risk data provider. HazardHub specializes in developing proprietary models and processing past event data to help underwriters and exposure managers better understand the probability of future property damage, in order to write profitable business and maintain a strong portfolio.
Blue skies may be back, but the impact from Hurricane Matthew is still being felt. As your claims team works around the clock managing your event response, information on the extent of the damage is critical to your ability to respond as quickly as possible.