2014

Reporters Covering Insurance Implications Of Typhoon Haiyan Can Contact The Insurance Information Institute For Analysis, Facts And Stats

Haiyan Made Landfall As Category Five Storm

NEW YORK, Nov. 8, 2013 /PRNewswire-USNewswire/ -- The Insurance Information Institute (I.I.I.) has online editorial content and subject matter experts available for media covering the potential insurance repercussions of Super Typhoon Haiyan.

The Philippines, battered by about 20 cyclones a year, was most affected by Typhoon Bopha in 2012, which claimed 1,900 lives, making it the deadliest disaster of the year, according to Swiss Re. Total economic damage from Bopha was $902 million (U.S.), however most of that was uninsured.  This is due to the fact that the non-life segment of the Philippines consists of dozens of tiny and under-capitalized firms. There has also been a slippage in non-life penetration over recent years.

THE TEN MOST COSTLY WORLD INSURANCE LOSSES, 1970-2012 (1)

($ millions)

Rate

Date

Country

Event

Insured loss in 2012
U.S. dollars (2)

1

Aug. 25, 2005

U.S., Gulf of Mexico,
Bahamas, North Atlantic

Hurricane Katrina; floods, dams burst, damage to oil rigs

$76,254

2

Mar. 11, 2011

Japan

Earthquake (Mw 9.0) triggers tsunami; aftershocks

35,735

3

Oct. 24, 2012

U.S. et al.

Hurricane Sandy, floods

35,000

4

Aug. 23, 1992

U.S., Bahamas

Hurricane Andrew; floods

26,180

5

Sep. 11, 2001

U.S.

Terror attacks on WTC, Pentagon and other buildings

24,349

6

Jan. 17, 1994

U.S.

Northridge earthquake (M 6.6)

21,685

7

Sep. 6, 2008

U.S., Caribbean: Gulf of Mexico et al.

Hurricane Ike; floods, offshore damage

21,585

8

Sep. 2, 2004

U.S., Caribbean; Barbados et al.

Hurricane Ivan; damage to oil rigs

15,672

9

Jul. 27, 2011

Thailand

Floods caused by heavy monsoon rains

15,315

10

Feb. 22, 2011

New Zealand

Earthquake (Mw 6.3), aftershocks

15,315

(1) Property and business interruption losses, excludes life and liability losses. Includes flood losses in the United States insured via the National Flood Insurance Program.
(2) Adjusted to 2012 dollars by Swiss Re.

Note: Loss data shown here may differ from figures shown elsewhere for the same event due to differences in the date of publication, the geographical area covered and other criteria used by organizations collecting the data.

Source: Swiss Re, sigma, No. 2/2013.


THE TEN DEADLIEST WORLD CATASTROPHES, 2012 (1)

Rank

Date

Country

Event

Victims

1

Dec .4

Philippines

Typhoon Bopha

1,901

2

Jan. 21

Europe

Cold wave, severe frost

824

3

Sep. 3

Pakistan

Floods caused by heavy monsoon rains

455

4

Feb. 15

Honduras

Fire in a prison started by an inmate

361

5

Dec. 7

Eastern Europe

Cold wave

317

6

Aug. 11

Iran

Earthquakes (Mw 6.2 and Mw 6.0)

306

7

Mar. 4

Republic of Congo

Explosion at arms depot caused by a short circuit

286

8

Jun. 1

Peru

Cold wave

252

9

Feb. 2

Papua New Guinea

Overcrowded ferry capsizes

246

10

Jul. 22

Nigeria, et al.

Floods caused by heavy rains

244

(1) Dead and missing.
Source: Swiss Re, sigma, No. 2/2013.

RELATED LINKS
Facts and Statistics: Global Catastrophes 
International Fact Book:  Philippines

RESOURCES
Philippine Insurers and Reinsurers Association

The I.I.I.'s free mobile apps can help you create a disaster plan, learn about selecting the right insurance for your needs and budget, and create and maintain a home inventory. Learn more about our suite of apps here.

The I.I.I. has a full library of educational videos on its You Tube Channel.

THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.

Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org

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