Looking Back: February’s Unprecedented Natural Disasters

February 2017 was a vicious month on the global weather scene. It was so harsh that the global insurance industry was hit with over $1 billion in claims. That’s almost unprecedented for such a short period of time, and it was a shock to insurers and their customers alike.

A number of major events in throughout the month contributed significantly to the damage. There were five severe thunderstorms in the United States, for instance, one of which caused a tornado to touchdown in the Midwest. In other countries, significant weather events led to millions of dollars in insurance claims. Australians experienced a heavy hail storm, and Europe saw high winds that resulted in over $105 million US in claims between the UK and Germany. Other major events included flooding in South America and a magnitude 6.5 earthquake in the Philippines that devastated the region. While we can add up the insurance costs of these events, it’s much more difficult to determine what a significant impact severe weather like this has on the economy of a region over the long term. It can take time to rebuild and recover from these events, and the operations of many businesses are often disrupted for an extended period of time.

Disaster can strike anywhere

It’s hard to believe that so many different disasters could strike so many places across the globe all in just one month. Perhaps these events underscore the need for insurance. If over $1 billion in claims were filed, imagine just how bad things would be for those who were affected if they had no coverage! Disaster really can strike anywhere at anytime, so it’s best to be prepared.

We’ve seen enough natural disasters in recent history to know what kind of damage they can leave behind. From events like hurricane Katrina to 2004’s Tsunami in Southeast Asia, all natural disasters are devastating in different ways. Some cause mass casualties, and almost all result in serious property damage. A little closer to home, we saw forest fires in Alberta that forced many families to return to the Maritimes after losing their houses in the blaze.

Consider the right insurance

Have you considered what natural disasters you might be vulnerable to in your region? It might be time to purchase insurance that will help to protect your property if an incident does occur. You may even be able to add additional features to your existing home insurance policy that will enhance your coverage.

If you want to learn more, just contact us today! The team at Cooke would be glad to help out. We’ve been offering quality personal and commercial coverage to people and businesses in Atlantic Canada for decades, so you can trust us to match you up with the right solution.

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