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How DFA Can Help the Property/Casualty Industry, Part 4
Hurricanes Katrina, Rita, Wilma...
Catastrophes: Models and Reserving
Risk Measures
Reinsurer Results:
Catastrophe and Strengthening
Hurricanes: 2003 and 2004 Results, Clustering and TransitioninG
Brushfire and Fire Following Exposures
Tsunami Exposure Worldwide and U.S.
Wind and Hail: Relative Hazard Levels
Cat Modeling Class
Introduction to Reinsurance
Holborn Technical Seminar
Catastrophe, Injury, and Insurance
Review of Myers & Read ARIA Paper
A Perfectly Ordinary Tuesday Morning
This is Not Your Father’s Cat Model
Global Warming and Increased Catastrophes?
Reinsurer Risk Loads from Marginal Surplus Requirements, PCAS LXXVII
Reinsurance Markets
Risk Transfer Assessment
Introduction to Asset Returns and Risks
CAS Call Paper Panel
Ceded Reinsurance Issues in DFA
Catastrophe Reinsurance Simulation Game
Reinsurance by any other name
Clash Pricing
ALLOCATION OF SURPLUS FOR A MULTI-LINE INSURER
Optimization to Improve Business Performance

 

 
November 29, 2001
Paul Kneuer
Southwest Actuarial Forum
 
Page: 1 2 3 4 5 6 7

A Perfectly Unordinary Tuesday Morning

North Tower struck at 8:48 a.m., collapsed about 90 minutes later

South Tower struck at 9:03 a.m., collapsed about 60 minutes later, largely evacuated prior to second impact

Collapses measured at 4.0+ on the Richter Scale

One million tons of debris and dust released: down, up, in and out

Registered on all five senses

Debris impact damage to:

  • #3 – #7 WTC

  • American Express and Dow Jones Towers at WFC

  • Winter Garden

  • Millennium Hotel

  • ERSB

  • One Liberty Plaza

  • 130 Liberty

  • St. Nicholas Church

#5 & #6 WTC collapsed immediately

#3 & #4 WTC gutted and burned

#7 WTC damaged, ignited and collapsed at 7:00 p.m., hitting Post Office and Western Union Building with second telephone exchange

130 Liberty St. two-thirds "habitable", but likely to be demolished

Subway tunnels damaged on N, R, 1 and 9 Lines

Solid debris found 1/2 mile away

Dense fallout for 2+ mile radius

Underground fires still burning in Mid-November

Fatalities Count

Cantor Fitzgerald: . . . . . . . . . . . . . . . . . .600+

FDNY: . . . . . . . . . . . . . . . . . . . . . . . . . . . .300+

Marsh, incl. GC accounting: . . . . . . . . .295

Aon, incl. Aon Re: . . . . . . . . . . . . . . . . . .200+

Pentagon: . . . . . . . . . . . . . . . . . . . . . . . . 180

Windows staff and guests: . . . . . . . . . .150+

Four planes: passengers, crew, highjackers . . . . . . . . . . . . . . . .150

Police (NYC and PA), EMT's: . . . . . . . .100+

Total (We may never know) : . . .4,000 - 4,500 (perhaps fewer)

The relatively early hour may have saved 20,000 lives.

Evacuation of two million people within six hours:

Exodus by foot to 14th St. and over Manhattan and Brooklyn Bridges

Rerouted bus service from 14th Street

Dunkirk-style boat lift to Brooklyn and NJ

MASH surgeries set up -- tragically not needed

Infrastructure Damage:

No power South of Canal Street for one week plus

Most cell phone transponders were out

Very limited land phone service

Very limited VHF and FM reception

No broadband email access

Central Post Office un-occupable (pre-anthrax)

Subways closed for long-term: PATH downtown lines, N, R, 1 and 9 (tunnels plugged to avoid flooding)

Temporary closings at most other downtown subways for one week plus

NJ Ferries dislocated

Subway, bridge and tunnel closings for security reasons

Financial markets closed for six days for first time in over 100 years

 

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