Catastrophe Index Reveals Significant Damage in Mississippi
HARTFORD, Conn., April 30 /PRNewswire/ -- The Guy Carpenter Catastrophe Index (GCCI) was published today, revealing significant property damage from atmospheric events in the Gulf during the second half of 1998.
''As of December 31, 1998, U.S. homeowner insurers had paid more than $1.0 billion in property claims caused by freezing conditions, wind, and hail for damage related to the period July through January 1998,'' said Bruce Thomas, IndexCo's chief executive officer. ''Homeowner insurers had paid approximately $199 million for claims in Alabama, Florida, Louisiana, and Mississippi relating to Hurricane George. Mississippi was particularly hard hit. Insurers paid out approximately $110 million in this state, with most of the damage concentrated along the Mississippi coast.''
The GCCI measures the amount of insured damage to homes from atmospheric disasters such as hurricanes, tornadoes, and winter storms and is the reference basis for options contracts traded on the Bermuda Commodities Exchange. In addition to describing overall damage rates for states and regions, the index provides detailed information on insured properties and paid losses for most ZIP codes in the United States.
More information on the GCCI can be found on IndexCo's web site at indexco.com.
The Guy Carpenter Catastrophe Index
As of 04/30/99
Aggregate GCCI Millions of
Value x 10,000 Insured Losses
January - June 1997, Final Update
National* 2.30 $1,366
East 1.82 $461
Northeast 1.50 $256
Southeast 2.50 $206
Gulf 3.33 $166
Mid/West 2.43 $765
Florida 0.99 $30
July - December 1997, Final Update
National 1.23 $730
East 0.69 $175
Northeast 0.54 $92
Southeast 1.00 $82
Gulf 1.63 $81
Mid-West 1.61 $507
Florida 1.03 $31
January - June 1998, Second Update
National 5.39 $3,276
East 3.09 $792
Northeast 1.61 $277
Southeast 6.10 $516
Gulf 6.61 $339
Mid-West 6.96 $2,264
Florida 3.99 $125
July - December 1998, Full Period
National 1.64 $997
East 1.37 $351
Northeast 0.90 $155
Southeast 2.34 $198
Gulf 4.82 $247
Mid-West 1.39 $452
Florida 1.70 $53
The Guy Carpenter Catastrophe Index is published by IndexCo, LLC an affiliate of Guy Carpenter & Company. The GCCI measures the insured damage to homeowner properties caused by atmospheric perils such as hurricanes, tornadoes, and other storms in the form of an insured loss-to-value ratio or damage rate. More information about the GCCI can be found at indexco.com. Alternatively, one can contact Bruce Thomas at 001-860-541-4730.
* National excludes Texas.
East includes Northeast and Southeast
Northeast includes CT, DE, DC, ME, MD, MA, NH, NJ, NY, PA, RI, VT, and
WV.
Southeast includes FL, GA, NC, SC, and VA.
Gulf includes AL, AR, FL, LA, and MS.
Mid/West includes AZ, CA, CO, ID, IL, IN, IA, KS, KY, MI, MN, MO, MT,
NE, NV, NM, ND, OH, OK, OR, SD, TN, UT, WA, WI, and WY.
SOURCE: IndexCo, LLC
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