To date, insurance companies estimate that damage caused by Hurricane Irma on the islands of Saint-Martin and Saint-Barthélemy amounted to 830 million euros on September 6, 2017. It is not a natural disaster (Cat Nat) the most expensive that France has known since 1982, that is since the establishment of the natural disaster regime *. On the other hand, it is at the level of a community. Explanations.
• Cost of Nat Cat in France
The cost of Cat Nat (not auto) is estimated in France at 25 billion euros over the period 1989-2014, or 956 million euros per year. Cat Nat cost the most in 2003: more than 3 billion euros, more than half of which was due to drought.
Over the 1989-2014 period, drought and floods alone accounted for 94% of Cat Nat claims covered by the plan. The average annual cost is 533 million euros for floods and 362 million euros for drought.
• Number of claims
Between 1995 and 2014, the number of claims for all perils, was estimated at more than 1,27 million, an average of 66 claims per year.
In comparison, Irma caused 16 claims in Saint-Martin and Saint-Barthélemy and hurricane Maria 400 in Guadeloupe and Martinique.
• Share of Nat Cat overseas
Overseas was integrated into the Cat Nat system in 1990. At the national level, 56% of claims are caused by floods, 38% by drought. In the remaining 6%, 48% of the events are in metropolitan France and 52% overseas (43% by cyclonic winds and 9% by earthquakes).
The cost of overseas events represents 3,3% of the amount of the loss on the French market for 1,7% of the plan contributions.
• Cost of the 7 biggest Nat Cat overseas
Excluding Irma, the seven biggest natural disasters cost a total of 818 million euros. It is :
- Cyclone Dean in August 2007 in the West Indies: 242 million
- Cyclones Luis and Maryline in the West Indies in 1995: 202 million
- Cyclone Dina in Réunion in 2002: 140 million
- Cyclone Lenny in the West Indies in 1999: 90 million
- Earthquake in Saintes in 2004: 80 million
- Earthquake in November 2007 in Martinique: 64 million
• The 20 Cat Nat events the most expensive
Among the 20 Cat Nat events most costly in terms of damage between 1989 and 2014, there are eleven flood events for a total amount of 6,36 billion euros and nine drought events for a total amount of 6,77 billion euros.
The most expensive event was the 2003 drought for 1,74 billion euros, the second the Rhône floods in December 2003 with 1,05 billion euros of damage. Storm Xynthia in 2010 was the fifth most expensive event with 840 million euros in damage.
With a provisional balance sheet at 830 million euros of damage, Irma would take sixth place, just behind Xynthia and before the drought of 2011 which cost 810 million euros.
On the other hand, if we consider the cost of Cat Nat recognition, Irma is the most important because it only concerns two communities, Saint-Martin and Saint-Barthélemy; elsewhere, for the same climatic phenomenon, several recognitions (one per municipality) are decreed. For example, the drought of 2003 - the most expensive climatic event in terms of damage - saw 4 recognitions, which represents an average cost per municipality of 438 euros with.
(More details on www.soualigapost.com. Source: publication of the Caisse centrale de réassurance (CCR), "Natural catastrophes in France, Balance sheet 1982-2016).
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