EQECAT Initial Estimates Of Insured Losses From Hurricane Dean
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, Inc. provides state-of-the-art products and services to the global property and casualty insurance, reinsurance and financial markets. EQECAT is the technical leader and innovator of catastrophe risk management models that quantify exposure to a range of natural and man-made catastrophic risks.
Through its modeling software platform, WORLDCATenterprise, EQECAT enables clients to quantify and manage the potential financial impact of natural hazards. WORLDCATenterprise includes 181 natural hazard software models for 95 countries spanning six continents. These models are based upon innovative applications of the latest science, engineering expertise, claims and exposure data and advanced mathematics.
EQECAT, a subsidiary of ABSG Consulting Inc., was founded in 1994 and is headquartered in Oakland, California.
For more information, contact:
pr@eqecat.com