The Atlantic/Pacific hurricane season officially runs up to 30 November. This is therefore the final weekly event update of the 2018 season. Twelve Capital continues to closely monitor any catastrophe events and will issue specific updates on relevant new major events as they occur.
November’s major wildfires in northern and southern California, which caused significant property damage and a number of fatalities during a period of over two weeks, are expected to cause significant industry losses.
Catastrophe modelling company RMS has estimated the insured industry loss to be between USD 9bn and USD 13bn for the two fires, ‘Camp’ and ‘Woolsey’. Competitor AIR has estimated that the Woolsey fire alone will have an insured loss of USD 2.5bn. Rating agency Moody’s recently updated its own loss estimate to USD 15bn for these two fires.
At the time of writing, the following notable natural events have recently occurred. At present, these events are either not expected to have an impact on Twelve Capital’s portfolios or industry insured losses have not yet been estimated for them.
– Storms in Sydney, Australia
Recent storms producing the wettest November day in decades have caused flash-flooding in Sydney, with at least three fatalities reported. Filed claims show a minimum insured loss to the industry of AUD 10m.
– Alaska, US Earthquake
A magnitude 7 earthquake struck nearby Anchorage, Alaska, from a depth of 40.9 km. There were no reported serious injuries or fatalities. It is too soon to estimate industry insured losses.
Please feel free to contact us with any questions.