Structural Property Losses from Tornadoes in Florida

Structural Property Losses from Tornadoes in Florida AbstractProperty losses from tornadoes in Florida are estimated by combining a 1-km spatial grid of structural values from the Department of Revenue’s 2014 cadastral database with historical tornado events since 1950. There are 91 180 grid cells in the state with at least some structural value. Total and residential structural values total $942 billion and $619 billion, respectively. Over the period 1950 through 2015 there were 3233 individual tornado reports in the state with a peak frequency during June. The property value exposed to tornadoes is estimated using a geometric model for the path. Annual statewide total and residential structural property exposure to tornadoes is estimated at $171 million and $103 million, respectively. Property exposure to tornadoes peaks in February. A regression model quantifies the relationship between actual losses since 2007 and exposures. A doubling of the residential exposure increases actual recorded losses by 26% since 2007, and a doubling of nonresidential exposure increases losses by 21%, controlling for changes over time. Randomization of the historical tornado paths provides alternative exposure scenarios that are used to determine the probability of extreme loss years. Results from the Monte Carlo algorithm indicate a 1% chance that the annual loss will exceed $430 million and a 0.1% chance that it will exceed $1 billion. These findings, and the procedure to obtain them, should help property insurance and reinsurance companies gauge their risk of losses and prioritize their management actions. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Weather, Climate, and Society American Meteorological Society

Structural Property Losses from Tornadoes in Florida

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Publisher
American Meteorological Society
Copyright
Copyright © American Meteorological Society
ISSN
1948-8335
D.O.I.
10.1175/WCAS-D-17-0055.1
Publisher site
See Article on Publisher Site

Abstract

AbstractProperty losses from tornadoes in Florida are estimated by combining a 1-km spatial grid of structural values from the Department of Revenue’s 2014 cadastral database with historical tornado events since 1950. There are 91 180 grid cells in the state with at least some structural value. Total and residential structural values total $942 billion and $619 billion, respectively. Over the period 1950 through 2015 there were 3233 individual tornado reports in the state with a peak frequency during June. The property value exposed to tornadoes is estimated using a geometric model for the path. Annual statewide total and residential structural property exposure to tornadoes is estimated at $171 million and $103 million, respectively. Property exposure to tornadoes peaks in February. A regression model quantifies the relationship between actual losses since 2007 and exposures. A doubling of the residential exposure increases actual recorded losses by 26% since 2007, and a doubling of nonresidential exposure increases losses by 21%, controlling for changes over time. Randomization of the historical tornado paths provides alternative exposure scenarios that are used to determine the probability of extreme loss years. Results from the Monte Carlo algorithm indicate a 1% chance that the annual loss will exceed $430 million and a 0.1% chance that it will exceed $1 billion. These findings, and the procedure to obtain them, should help property insurance and reinsurance companies gauge their risk of losses and prioritize their management actions.

Journal

Weather, Climate, and SocietyAmerican Meteorological Society

Published: Apr 20, 2018

References

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