Space Industry and Business News  
DISASTER MANAGEMENT
Economic cost of Harvey, Irma could be $290 bn: forecaster
 by Staff Writers
 Washington (AFP) Sept 11, 2017


Up to $30 bn in insured damages from Hurricane Harvey: Munich Re
Monaco (AFP) Sept 10, 2017 - Hurricane Harvey, which lashed Texas and Louisiana with unprecedented rain last month, could end up costing insurers between $25 and $30 billion (21 and 25 billion euros), German reinsurance firm Munich Re estimated on Sunday.

"It is a big estimate. The cost could climb a little bit, but not much," said Torsten Jeworrek, a member of Munich Re's management board, during at an insurance conference in Monaco.

Damage estimates for Hurricane Harvey, which made landfall in Texas on August 26 before returning out to sea to then lash Louisiana, vary from around $50 billion to well in excess of $100 billion.

However not all property was insured or fully insured.

Property insurance policies in the United States don't cover floods. Many homeowners don't take out separate flood insurance from the government, while the amounts available aren't always sufficient for businesses.

Houston and the surrounding areas saw massive flooding that not only damaged homes and cars, but also roads and bridges.

"The evaluation of losses is complex due the prevalence of flooding," said Jeworrek.

"It will take a long while, not just a few days or weeks, buy maybe months or even a year for the loss figures for the entire sector to be reliable and stable," he added.

He said insurers would likely support most of the costs, and that reinsurers would probably not be hit hard.

Reinsurers provide insurance to insurance companies which need to spread the risks of the policies the provide to clients.

A total of 42 people died in Hurricane Harvey.

The combined economic cost of Hurricanes Harvey and Irma could reach $290 billion, equivalent to 1.5 percent of the US gross domestic product, US forecaster AccuWeather said in a report Sunday.

"We believe the damage estimate from Irma to be about $100 billion, among the costliest hurricanes of all time," said the firm's CEO and founder Joel Myers.

Harvey, which battered Texas and parts of Louisiana in late August, will be "the costliest weather disaster in US history at $190 billion or one full percentage point of GDP" which stands at $19 trillion.

The report said it arrived at the figure by calculating disruptions to business, increased unemployment rates for significant periods of time, damage to transport and infrastructure, crop loss including a 25 percent drop of orange crop, increased costs of fuels including gasoline, heating oil and jet fuel, household damages and loss of valuable documentation.

Only a fraction of the losses would be covered by insurance, said Myers.

Irma struck the Florida Keys archipelago earlier Sunday and is now bearing north, bearing down on the city of Tampa on the west coast of the Florida peninsula.

Harvey made landfall in Texas in late August, causing severe damage to property and paralyzing the country's fourth-largest city, Houston, with major flooding.

DISASTER MANAGEMENT
Florida insurers could be blown away by Hurricane Irma: expert
 Washington (AFP) Sept 9, 2017
 Florida insurance companies have not been tested to see if they can withstand a historic storm like Hurricane Irma, and an industry expert warned that "all bets are off" if the damage is as catastrophic as predicted. The ferocious storm was expected to slam into Florida overnight Saturday, and had been upgraded to a maximum-strength Category Five storm went it struck Cuba late Friday. Ir ... read more
Related Links
 Bringing Order To A World Of Disasters
A world of storm and tempest
When the Earth Quakes

Thanks for being here;
 We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once

credit card or paypal
 		SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Comment using your Disqus, Facebook, Google or Twitter login.
Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

DISASTER MANAGEMENT
New microscopy method for quick and reliable 3-D imaging of curvilinear nanostructures

 Non-thermal atmospheric pressure plasma treatment for leather products

 Bit data goes anti-skyrmions

 NASA Awards $400,000 to Top Teams at Second Phase of 3D-Printing Competition
DISASTER MANAGEMENT
82nd Airborne tests in-flight communication system for paratroopers

 North Dakota UAS Training Center Depends on IGC Satellite Connectivity

 Industry team demonstrates Low Cost Terminal for AEHF satellites

 Envistacom wins $10M Army communications contract
DISASTER MANAGEMENT
DISASTER MANAGEMENT
IAI, Honeywell Aerospace team for GPS anti-jam system

 Nine Satellites in exactEarth's Real-Time Constellation Now in Service

 India to launch satellite next week to fix malfunctioning navigation system

 Japan launches satellite for better GPS system
DISASTER MANAGEMENT
France and Germany announce new joint fighter program

 Honeywell, Pratt and Whitney contracted by Air Force for power system support

 Sikorsky Aircraft wins $304 million contract add-on for King Stallion helicopters

 Orbital ATK, U.S. Air Force team for composite aerostructure needs
DISASTER MANAGEMENT
Researchers validate UV light's use in improving semiconductors

 Nagoya-led team flips the switch on ferroelectrics

 In new leap for AI: computer chips that can smell

 Conformal metasurface coating eliminates crosstalk and shrinks waveguides
DISASTER MANAGEMENT
Nickel key to Earth's magnetic field, research shows

 Pinpointing the sources of trans-Pacific dust

 Teledyne e2v sensors will play a vital role in ESA's FLEX satellite mission to study plant health and stress from space

 Russian scientists invent device allowing them to sense kilometers into Earth
DISASTER MANAGEMENT
Cambodia bans overseas exports of coastal sand

 Sri Lanka bans plastic after garbage crisis

 Brazil government freezes Amazon mining plans

 Gaza boy swimmer death puts spotlight on pollution crisis








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.