Week’s Top Stories: August 14 – 20, 2021 – GC Capital Ideas
Live Event: TS Grace to Impact Yucatan as a Hurricane: Tropical Storm Grace led to a hurricane watch in Mexico, while Tropical Storm Fred made landfall in the Florida panhandle and Tropical Storm Henri was expected to make a close approach to Bermuda.
Outlook: Wildfire Activity Increasing Across Western US: Large fire activity and extreme fire behavior continue in 14 states across the western US, most notably in California, Montana, Oregon, Washington and Idaho. Hot temperatures and below average precipitation have caused fuels to dry out and vegetation is primed for ignition and spread of fire.
Post Event Report: Mw 7.2 Haiti Earthquake: A large Mw 7.2 earthquake erupted Saturday, August 14, on the Enriquillo-Plantain Garden Fault Zone in southwest Haiti, 78 miles west of the capital of Port-au-Prince. Significant damage is being reported across southwest Haiti, with recovery efforts hindered by heavy rainfall associated with Tropical Storm Grace and political instability.
Video: The Tangible Economic Cost of Action Related to Climate Change is High, Inaction Higher: In this video, Josh Darr, Head of North America Peril Advisory, Guy Carpenter, and Jessica Turner, Managing Director, Catastrophe Advisory, Guy Carpenter, highlight how the tangible economic cost of action related to climate change may be high, but the cost of inaction is ultimately higher. They also discuss the scientific advances being made for climate change risk management.
2021 Global Large Loss Activity/COVID-19 Losses: Hailstorms, heavy rains and tornadoes in parts of France, Belgium, the Netherlands, Switzerland, Germany, the Czech Republic and elsewhere in Europe (between June 21 and July 1) could increase the insured loss estimate by over USD 2.5 billion.
And, you may have missed….
2021 Mid-Year Reinsurance Renewal: A year after the onset of COVID-19 disrupted reinsurance renewals, market stabilization and ample capacity in most lines and regions resulted in balanced mid-year 2021 outcomes. However, market stressors driving shifts in recent loss activity and evolving risk quantification created firmer market conditions in some segments.
