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EQECAT Initial Estimates Of Insured Losses From Hurricane Dean
Insured Losses From The Lesser Antilles Islands To Jamaica Could Range Between $1.5 Billion And $3 Billion Based On Current Storm Information
Majority Of Estimated Insured Losses In Jamaica
August 19, 2007
Oakland, CA
EQECAT, Inc., the leading authority on extreme-risk modeling, Sunday afternoon (eastern time) said, based on current storm information provided by the National Oceanic and Atmospheric Administration (NOAA),initial estimated insured losses from Hurricane Dean from the Lesser Antilles islands to Jamaica could range between $1.5 billion and $3 billion. The majority of the estimated insured losses are in Jamaica.
EQECAT’s estimates will be updated as additional information about the storm’s characteristics becomes available. Hurricanes often make unexpected and dramatic changes in direction and intensity--both strengthening and weakening.
Beyond wind damage to commercial and residentialfixed structures, such as office buildings, factories , warehouses, and homes, EQECAT’s insured loss estimates include business interruption, as a result of the destruction of property; and demand surge, which occurs when the demand for products and services to repair damage significantly exceeds the regional supply. Thus, these products and services may have to be brought to the region quickly from distant points, resulting in additional costs for transportation, packaging and manufacture.
Excluded from EQECAT’s insured loss estimates are losses related to flooding, private and commercial automobiles and similar vehicles, and marine assets, such as boats.
EQECAT Representatives Available For Commentary
Representatives of EQECAT, headquartered in Oakland, will be available throughout this storm to provide commentary. For additional information, please contact Eric Samansky, The Samansky Group, at 516-319-0858.
EQECAT Serves Global Clients Through Extensive WORLDCATenterprise™
Through its user-friendly, extreme-risk modeling software, WORLDCATenterprise™, EQECAT enables clients to assess and manage potential damage and loss from wind, earthquakes, flood, wildfire, and terrorism, among other perils. WORLDCATenterprise™ includes 177 natural hazard software models for 89 countries spanning six continents.
EQECAT and its parent, ABSG Consulting Inc. (“ABS Consulting”), serve the global property and casualty insurance industry, major multinational corporations and financial institutions. EQECAT is known as the technical leader and innovator in the development of analysis tools and methodologies to quantify insurers’ and major corporations’ exposure to natural and man-made catastrophic risk.
EQECAT was founded in 1994 and is headquartered in Oakland, California. For additional information, please log on to www.absconsulting.com and www.EQECAT.com.
For more information, contact:
Eric R. Samansky
The Samansky Group
1-516-319-0858 | eric@samanskygroup.com
Thomas Larsen
EQECAT, Inc.
1-510-817-3100 | tlarsen@absconsulting.com
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