With $344bn global economic loss, 2017 has been the costliest year on record for weather disasters. Although the insurance industry is in the position to handle a high volume of claims payouts and to explore future growth to build resilience in underinsured regions, all natural disasters amounted to $353bn.
Although the 2017 hurricane season is now officially over, insurers are still reeling from the hundreds of thousands of claims following hurricanes Harvey and Irma in August and September. Billions of dollars’ worth of damage across Texas and Florida was exacerbated by the construction boom along US coasts – with expensive properties, waterfront resorts, power grids and oil refineries all taking a hit and adding to insured losses. If this wasn’t enough to cope with, Hurricane Maria smashed its way across Dominica and Puerto Rico soon after, wreaking havoc. Here we take a look at some of the extreme challenges insurers are facing in the aftermath of the surge in claims.
Thornton Tomasetti’s engineering and architecture professionals help insurance companies, loss adjusters and construction lawyers analyse pre- and post-loss risks, defects, damage and property claims arising from natural or man-made perils.
At the heart of our practice is the forensic investigation of damage to structures, which includes cause and origin analyses, engineering assessments for reinstatement and remedial works design.