Quantcast

Impact on reinsurance market low after Tropical Storm Fay makes landfall

Storm Loss

Bob Pepalis / 4 years ago

Fema tornado proof house wind mitigation 1600x900
Trees falling most likely caused the most structural damage when Tropical Storm Fay made landfall. | Stock image

Tropical Storm Fay caused approximately $400 million in insurance market loss when it hit the northeastern U.S., catastrophe risk modeller Karen Clark & Co. estimated.

Fay made landfall on July 10 after its formation off the North Carolina coast just a day earlier, Artemis reported. Sustained wind speeds reached 60 mph.

The tropical storm moved just north of Atlantic City, New Jersey before it made landfall. Winds diminished as it moved through New York, an area that has high reinsurance market exposure, Artemis reported.

Damaging winds affected parts of Maryland, Delaware, New Jersey, Pennsylvania and New York. Trees falling on buildings might have caused structural damage, Karen Clark & Co. told Artemis.

Hundreds of downed trees in New York impacted infrastructure, with parts of Pennsylvania and New Jersey also affected, Artemis reported.

Hundreds of downed trees were part of the firm's catastrophe risk modeller, Artemis reported. An area of the eastern seaboard from South Carolina to New York recorded low levels of storm sure

The minimal losses should mean the impact on reinsurance capital will be low.

Fay spent little time over warmer waters or the strength of the storm and the damages it caused could have been higher, Artemis reported.

Want to get notified whenever we write about City of New York ?

Sign-up Next time we write about City of New York, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

City of New York

More News