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Loss log

The US is the global hotspot but more than 50 countries have suffered significant windstorm losses in recent years, insurance claims analysis shows.

Whether it is hurricanes in the US, typhoons in Asia or winter storms in Europe – strong winds can easily cause property and business interruption losses for companies, as an analysis of more than 11,000 AGCS major business insurance claims worldwide in excess of *€100,000 ($112,000) indicates.

Over 400 storm-related claims were filed during the time period analyzed [1] meaning windstorm ranks fifth in the top 10 causes of loss for business, according to value of claims. Windstorm losses account for approximately 40% of all natural hazard losses by number of claims and 26% by value, according to AGCS analysis contained in a new report published to mark the 10th anniversary of the deadliest windstorm in history – Hurricane Katrina.

The US is the top loss location, accounting for almost half (49%) of the 426 global claims analyzed (see graphic). Germany ranks second with 19 significant storm events having occurred during the five accidentyear period. France (15), Japan (14) and Australia (12) complete the top five global loss locations.

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(click on the image to enlarge)

However, the report also predicts that losses across Asia are expected to rise exponentially in future with 80% of the top 10 exposed locations to coastal flooding from storm surge and wind damage expected to be in this region in the next 50 years. Growth of exposure is far outpacing take-up of insurance coverage, resulting in a growing gap in natural catastrophe preparedness.

To view the report Hurricane Katrina 10: Catastrophe Management and Global Windstorm Peril Review click here.