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Karen Clark & Company Report Examines Present Day Impact of 1938 Hurricane

September 19, 2013 Comments off

Karen Clark & Company Report Examines Present Day Impact of 1938 Hurricane
Source: Karen Clark & Company

Karen Clark & Company (KCC), independent experts in catastrophe risk, catastrophe models and catastrophe risk management, today issued a report, in conjunction with the 75th anniversary of the Great New England Hurricane, examining the impact of a comparable storm making landfall today. The report also explores what the industry losses would be from a 100 year Characteristic Event (CE) for the Northeast.

Considered by many to be the greatest single event in the meteorological history of the region, the 1938 hurricane made landfall near Bellport, Long Island on September 21. Believed to be a Category 3 on today’s Saffir-Simpson scale with sustained winds of 120 mph, the storm caused unprecedented destruction. Significant wind damages were experienced throughout the region, and many coastal towns were completely wiped out by storm surge heights exceeding 10 feet in many areas. Because forecasters believed hurricanes never hit the Northeast, no warnings were issued. As a result, nearly 700 people were killed and an equal number injured. In addition, thousands of homes and other buildings were destroyed, with 63,000 left homeless, and 3,000 ships sunk or damaged. The hurricane felled millions of trees, in some locations destroying entire forests, downing power lines and causing outages over most of the region.

The KCC report estimates that were the 1938 storm to occur today insured losses would exceed $35 billion and that a similar storm, but tracking further to the west, would result in insured losses exceeding $100 billion.

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KCC Issues Report on Historical Hurricanes That Would Cause $10 Billion or More in Insured Losses Today

August 30, 2012 Comments off

KCC Issues Report on Historical Hurricanes That Would Cause $10 Billion or More in Insured Losses Today
Source: Karen Clark & Company

Karen Clark & Company (KCC), independent experts in catastrophe risk, catastrophe models and catastrophe risk management, today issued a report identifying historical US hurricanes that would likely cause $10 billion or more in insured losses were they to strike today.

Employing a robust methodology developed by the firm, KCC examined the nearly 180 hurricanes that have hit the United States since 1900 and determined that 28 of those storms would result in $10 billion or more in insured losses in 2012 given the greater number, size and cost of structures in their paths.

The 1926 Great Miami Hurricane tops the list with an estimated $125 billion loss. The two deadliest hurricanes in US history, the 1928 Okeechobee Hurricane and the famous Galveston storm of 1900, are the next costliest at $65 billion and $50 billion, respectively. Two other Florida storms, the 1947 Fort Lauderdale Hurricane and 1992’s Hurricane Andrew are also estimated at $50 billion. Rounding out the top loss producers are 1915’s Galveston ($40 billion), 2005’s Katrina ($40 billion), the 1938 Great New England ($35 billion), and 1954’s Hazel and 1965’s Betsy. both estimated at $20 billion. Hurricane Donna in 1960 affected the entire East Coast from Florida to Maine and would likely cause a $25 billion loss today. The remaining 17 storms on the list range from $10 to $15 billion each.

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