NEWARK, Calif., Sept. 26 /PRNewswire/ -- Risk Management Solutions (RMS),
the world's leading provider of products and services for the management of
catastrophe risk, today estimated that insured losses from Hurricane Jeanne
would be between $4 to $8 billion, based on an assessment of the hurricane's
characteristics at the time of landfall and its projected path.
Jeanne made landfall just before midnight on Saturday, September 25 near
Stuart, Florida as a category 3 hurricane. The landfall point is estimated to
be within a few miles of Hurricane Frances' landfall just three weeks ago.
According to Property Claim Services (PCS), insured losses in Florida from
Frances are currently estimated at $4.1 billion. RMS' higher loss range for
Jeanne reflects the added uncertainty in damage accumulations likely at many
locations. Early aerial surveys showed many roofs that had temporary coverings
from Frances damage, as well as additional damage likely sustained from
Jeanne. Insured losses could also rise if deductibles for Jeanne are waived
for some properties due to the overlap of damages from Frances, similar to
what occurred for some properties affected by Hurricanes Frances and Charley
last month.
Jeanne is the fourth major hurricane to strike Florida this season,
bringing the state's cumulative insured losses to as much as $25 billion. RMS
estimates that this aggregate loss level would occur on average once every 25-
40 years in Florida. A fifth storm landfalling in Florida would be extremely
rare, expected to occur only once every few thousand years.
RMS is sending a reconnaissance team to Florida to initiate damage surveys
on Monday. They will be assessing the performance of structures in the
affected region, and validating reported wind speeds. RMS will also be
commissioning aerial surveys to supplement field work.
The company has representatives available for comment in London and
California.
About RMS
Risk Management Solutions is the world's leading provider of products and
services for catastrophe risk management. More than 400 leading insurers,
reinsurers, trading companies, and other financial institutions rely on RMS
models to quantify, manage, and transfer risk. Founded at Stanford University
in 1988, RMS serves clients today from offices in the U.S., Europe, and Japan.
For more information, visit our web site at http://www.rms.com.
RMS, and the RMS logo are trademarks of Risk Management Solutions, Inc.
All other trademarks are property of their respective owners.
SOURCE Risk Management Solutions
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Related links:
http://www.rms.com
CONTACT:
Mark Prindle, TorranceCo, New York,
+1-917-517-4091, mprindle@torranceco.com, for Risk Management
Solutions; Kyle Beatty, Risk Management Solutions, California,
+1-510-402-3404, kyle.beatty@rms.com, or Sarah Goodall, Risk
Management Solutions, London, +44-20-7256-3815
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