By Mark E. Ruquet
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| Aerial photo of Tacloban on Nov. 11 posted on USAID site Photo Credit AFP/Noel Celis |
As the residents of the Philippines struggle to survive the
impact of Super Typhoon Haiyan, it is worth noting how this storm demonstrates
the divide between the developed and under-developed worlds.
Haiyan, which hit the island nation on Nov. 8 with sustained
winds estimated at 190 mph, wiped out the city of Tacloban and other towns and
villages that aid workers continue to have great difficulty trying to access. After
a week, the relief effort is reportedly ramping up in earnest and essential
supplies of food and water are getting out to the populace. After the survivors
bury their dead, estimated to be as high as 10,000 and debris is cleared, the
rebuilding will begin.
The promise of an insurer is to make one whole again, but
only a few will see the benefits of that pact. Catastrophe modeler Eqecat estimates insurance losses from Haiyan is not expected to
exceed $100 million. Eqecat notes that
there will be some “high value” losses, but the lack of insurance penetration
has spared the industry a major hit.
By contrast, Superstorm Sandy, which struck the coast of New
Jersey and New York City in 2012, cost the insurance industry close to $19
billion, with another $7.5 billion coming out of the coffers of the National
Flood Insurance Program. The storm is considered the fifth
costliest natural catastrophe event in history.
Insurance has provided some comfort to the victims of
Sandy—even though one doesn’t have to go far to hear a word of dissatisfaction
about the claims process or the result, but at least there was some financial
backing to help. Many people in the Philippines will not be so lucky and they will
be looking to the global community for help after they’ve shed tears for loved
ones lost and begun the clean-up, something we here in New York and New Jersey
can identify with.
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