£ 500m insurance shock after Hurricane Dennis
Insurance companies could with a score of 500 million pounds sterling bill to cope with the devastating effects of Hurricane Dennis, industry analysts warned today.
The first estimates for the hurricane, 32 died as a result left Haiti and Cuba before battering the USA, Florida, Alabama and Mississippi in the last month, were considered as experts predict a further six hurricanes this year.
According suppliers dADVERTISEMENTata ISO,
Dennis, the first hurricane of 2005, will mean that nearly 130000 applications for homeowners and businesses.
ISO affirm the real estate services unit, “said Florida were the most affected state of the USA, suffering losses of up to £ 355.8m housing and real estate and vehicles. Alabama was hit next, with losses of £ 63.9m, followed by Georgia to £ 47.2m and Mississippi, losses of nearly £ 33.4m.
The hurricane season officially runs from 1 June at 30 November, but the sheer force of Dennis persons detained in custody.
The highlight of the period of storm activity, while 90 per cent of cyclones occur, usually 1 August 31 October.
Defined as a category four hurricane - a storm with wind speeds of between 131 and 155 km / h - Dennis was the first to give an assault on the strike the USA in July since 1916.
Hundreds of thousands of homes remained without electricity after Dennis blew through the Gulf of Mexico, with nearly 1.4 million people affected by the evacuation orders.
Meanwhile Hurricane Emily, the second storm to strike in the north-east of Mexico this year, it is expected that the saddle with an insurer £ 5m bill, after sending Aspen, in the first half the year 2005 provides for the protection of reinsurance for natural disasters to the tune of nearly £ 750m.
Oliver Peterken, Aspen Re’s Chief Risk Officer, said: “We had an active season this year yet, but we expect up to eight hurricanes [total]. It was lively early as men had thought, but there are still three months to go. ”
Storm activity comes in the year 2004 was one of the worst years hurricane record for the insurance industry. Four major storms in the USA and Japan abused was taken with ten typhoons, resulting in some quarters calculations of £ 12.8 billion of insurance.
Experts in meteorology, said the trend and the most powerful devastating cyclones in the past three years, partly on global warming and warned the trend should continue.
Kerry Emanuel, professor of meteorology at the Massachusetts Institute of Technology, said: “My results suggest that future warming may lead to an upward trend in tropical cyclone destructive potential and - reflecting an increase of coastal populations — net increase of Hurricane Damage to the 21st century.
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