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Sha'Ron James


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Hurricane Matthew breaks records, Aon report shows

 

Date: April 24, 2017
Source: Property Casualty 360
Author:  Denny Jacob

 

Hurricane Matthew made landfall over 6 months ago, but the insurance industry is still reeling from its numerous record-breaking effects.

The tempestuous cyclone had a significant global impact, reports Aon Benfieldin its Hurricane Matthew Event Recap Report.

The storm led to the deaths of at least 604 people in the Atlantic Basin, including 53 in the United States. The official death toll in Haiti was reported to be 546, but unofficial tallies suggested it may be as high as 1,332.

Total overall economic losses caused by Hurricane Matthew are estimated to be as high as $15 billion, with insured losses estimated at $4.5 billion. The vast majority of these losses were incurred in the United States, where economic losses exceeded $10 billion. The private insurance industry and the National Flood Insurance Program (NFIP) paid out nearly $4 billion in claims.

Haiti, the Bahamas, Canada and Cuba also sustained heavy economic damage from the cycle.

A record-breaking storm

At a minimum of $400 million, Hurricane Matthew became the costliest event ever recorded for the Bahamian insurance industry. Along with the costs, Hurricane Matthew shattered other records in a variety of categories, such as:

  • Category 4/5 intensity for at least 114 consecutive hours; longest during October in the Atlantic on record.
  • Longest-lived Category 4/5 hurricane in the eastern Caribbean Sea on record.
  • First Category 4 hurricane to make landfall in Haiti since 1964 (Cleo).
  • First time on record for a major hurricane to strike Haiti, Cuba and the Bahamas.
  • The first hurricane to make landfall north of the US state of Georgia in October since 1954 (Hazel).