Hurricane Hilary (or rather, Tropical Storm Hilary) has made its way through Southern California.
Reuters reported:
LOS ANGELES, Aug 21 (Reuters) - The first tropical storm to hit Los Angeles in more than 80 years unleashed floods across parts of Southern California more accustomed to drought, as officials urged the public to stay safe as they began to count the cost of damage.
The National Weather Service downgraded the hurricane to a tropical depression but not before California Governor Gavin Newsom declared a state of emergency for much of Southern California, with flash flood warnings until at least 3 a.m. (1000 GMT) on Monday.
I would not be at all surprised if the insurance claims industry assigns a catastrophe status to this event, along with a catastrophe code number, in the days ahead or have done so already. Major events such as this usually are assigned catastrophe status for anticipated high damage claims. Insurers will be hiring additional claims staff to handle the increased numbers of claims. I served on several catastrophes, the last being the Northridge Earthquake in 1994.
The Insurance Services Office (ISO) defines a catastrophe as an event that causes. $24 million or more in insured property losses and affects a significant number of. property/casualty policyholders and insurers.
It is possible that retired property adjusters, such as myself, are called up to join catastrophe teams. Good money is made in joining catastrophe claim teams.
To read more, go here.
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