Tillinghast: No Connection Between Global Warming and Hurricane Damage.
"Insurance companies are spending money trying to understand catastrophes better and what the long-term costs are," said Tillinghast principal Doug Collins. "There's some scientific evidence that hurricane frequency is increasing, but so far its hasn't made an impact on insured damages."
The analysis goes against a widely held belief that increases in hurricane frequency, whether caused by global warming or cyclical phenomena, are driving up insured hurricane damage, Collins said in a statement.
Findings in the study include:
* When actual insurance damage is adjusted to reflect current property values and the increased number of people living toward the coast, insured damage in the 1990s wasn't unusually high compared with other decades in the 20th century;
* While Atlantic hurricane frequency increased in the late 1990s, the number of those storms actually striking the United States was the second-lowest of the 20th century;
* Hurricane Andrew did not produce the highest adjusted damage from a single storm. That distinction belongs to the September 1926 Miami hurricane, which caused $50 billion in insured damage. Andrew was second with $25 billion.
The 1926 figure is represented in current dollars, Collins said. "We adjust losses from each of the historical storms to the current level by reflecting changes in prices, wealth per capita and changes in locations of housing units or properties in general."
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|Title Annotation:||Tillinghast-Towers Perrin releases study|
|Comment:||Tillinghast: No Connection Between Global Warming and Hurricane Damage.(Tillinghast-Towers Perrin releases study)|
|Article Type:||Brief Article|
|Date:||Aug 1, 2001|
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