Tropical Storm Ana And Hurricane Gonzalo Expected To Bring Severe Weather This Weekend; I.I.I. Staff Available To Discuss Insurance Implications
Hawaii and Bermuda under Threat of Major Storms
NEW YORK, Oct. 17, 2014 /PRNewswire-USNewswire/ -- The Pacific and Atlantic oceans are the site this week of separate weather events that highlight the inherent risks of living on an island, according to the Insurance Information Institute (I.I.I.).
In the central Pacific, more than two months after Tropical Storm Iselle made landfall on the Big Island, Tropical Storm Ana is reminding Hawaii residents of the need for the right insurance coverage. The federal National Oceanic and Atmospheric Administration (NOAA) is forecasting the impact of Ana's will be felt on the weekend of October 18-19.
Meanwhile, in the Atlantic Ocean, Hurricane Gonzalo is expected to bring severe weather to Bermuda. The I.I.I.'s 2015 International Insurance Fact Book is online, and allows readers to download details about the Bermuda insurance market. The nation is home to more than 65,000 people and is an important hub in the global reinsurance market. The last major hurricane to hit Bermuda directly was Hurricane Fabian, in September 2003. With winds in excess of 120 mile per hour, the storm caused an estimated $300 million in damage on the island.
Iselle struck the Big Island as a tropical storm on Friday, August 8, bringing strong winds and heavy rains to the County of Hawaii. It had been nearly 22 years since a major hurricane hit Hawaii.
"Hurricane Iniki caused about $1.6 billion in insured losses when it devastated Kauai in September 1992 so there is historical precedent for the type of storm we saw in August, and are seeing again this week," stated Dr. Robert Hartwig, CPCU, president of the I.I.I. and an economist.
In Hawaii, most homeowners and renters must purchase hurricane, flood and earthquake coverage separately to protect themselves from those specific natural disasters, and to supplement their home insurance policy. A hurricane is defined as a tropical storm which has achieved sustained winds of at least 74 miles per hour. Most homeowners insurance policies in Hawaii provide coverage for almost all standard perils (e.g., fire, theft, tropical storm) but exclude hurricanes. Hawaii's Department of Commerce and Consumer Affairs offers additional details on hurricane insurance.
A $1.6 billion loss in 1992 is equal to $2.7 billion in 2014 dollars, Dr. Hartwig added. Iniki was the third costliest hurricane to impact the United States in terms of insured losses, at the time it occurred, according to the I.I.I. Florida's Hurricane Andrew (1992) and South Carolina's Hurricane Hugo (1989) were the only storms to have inflicted more damage prior to Iniki, which is no longer listed among the Top 10 costliest disasters in U.S. history.
Most U.S. natural disasters involve flooding, and standard homeowners and renters policies do not cover flood-caused damage. Only a flood insurance policy, available through either the federal government or some private insurers, can protect a homeowner, renter or business from the flooding a tropical storm causes.
The following I.I.I. staff will be available via cell phone and email this weekend to answer questions and provide interviews:
Dr. Robert Hartwig, CPCU
President of the I.I.I. and economist: 917-453-1885; [email protected]
Michael Barry
Vice President, Media Relations: 917-923-8245; [email protected]
Jeanne Salvatore
Senior Vice President, Chief Communications Officer: 917-612-4088; [email protected]
Loretta Worters
Vice President, Communications: 917-620-0982; [email protected]
Bill Davis (Georgia)
Southeastern Media Representative: 770-331-9279; [email protected]
Elianne González (Florida)
Hispanic Press Officer: 954-684-4410; [email protected]
Lynne McChristian (Florida)
Media Representative: 813-480-6446; [email protected]
RELATED LINKS
Facts & Statistics:
Hurricanes
International
Issues Updates:
Catastrophes: Insurance Issues
Flood Insurance
Hurricane and Windstorm Deductibles (has separate Hawaii section)
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 YouTube Channel. Information about I.I.I. mobile apps can be found here.
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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SOURCE Insurance Information Institute
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