Published: May 25, 2011 | Country: United States
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A strong tornado struck Joplin, Missouri last week, killing more than 100 people and destroying more than 2,000 buildings, according to news reports.
The storm could cost insurers up to $3 billion, according to EQECAT, a disaster modeling company.
Loss of critical functions caused by natural or man made hazards can impact a company's market share, profits, growth rate, shareholder value, sales volumes, and corporate reputation.
“Marsh’s Claims Practice has set up a CAT Code in our proprietary claims management reporting platform system,” noted Paul McVey, Property Claims Practice Leader for Marsh's Claims Practice. “The system allows us to track the volume of our client claims activity and immediate direct claims reporting to insurers. It also allows for an ‘escalation’ process for large losses that may need senior claims management direct involvement.”
McVey added, “Total damages for all the severe weather that hit the southeastern United States so far this year are estimated at more than $10 billion. If any of our clients have sustained physical damage or even business impact due to the storms, they should immediately report to their broker claims representative or client executive.”
For real-time research and forecasts of natural catastrophes, please refer to Guy Carpenter's Cat Central bulletins.