Tony Cañas, CPCU, MBA, AU, ARM, ARe, AIC, AIS

BMS Group Tropical Update 10/10/2024  Hurricane Milton’s landfall near Siesta Key, Sarasota, represents a significant event in Florida’s history with major storms. As the 44th major hurricane to strike the state since 1851, #Milton demystified the local belief that Sarasota is protected by Native American burial grounds. Notably, this is the first direct hurricane impact on Sarasota since record-keeping began. With winds reaching 120 mph and a pressure of 954 mb, Milton became the fifth Gulf Coast hurricane to make landfall this year, three of which struck Florida. This year’s heightened hurricane activity continues to contrast sharply with the period from 2006 to 2017 when no major storms made landfall in the Gulf. The rapid succession of two major hurricanes in Florida, the shortest gap since 1950, highlights the growing risks the region faces. While Tampa narrowly escaped the worst of Milton's wrath, Sarasota and surrounding areas faced significant impacts. Preliminary assessments suggest that Milton could be the most severe hurricane to hit the Tampa Bay area in decades, possibly prompting the insurance industry to reevaluate its strategies for addressing such “Gray Swan” events. Despite many buildings adhering to Florida's stringent wind design codes, older structures remain vulnerable, and power outages across the region have raised concerns about the extent of storm-related damage. In addition to the hurricane's direct effects, Milton spawned over 45 preliminary tornadoes, making it one of the most prolific tornado-producing storms in the state's history. The insurance industry will closely monitor the situation as damage reports unfold, especially with the threat of additional tropical activity as the hurricane season progresses, which we will look at with this BMS Tropical Update. #TropicalUpdate #HurricaneSeason #Insurance #Reinsurance If you want more details on the specific impacts on the insurance industry, please click the link below. https://lnkd.in/g7fn-Ywa Below is the latest BMS iVision Verisk Respond 3-second wind gust product. This product helps clients better understand aspects of damage, such as areas with the highest wind gusts. However, there is much more. Other wind products, like the duration of winds and severe weather elements like extreme rainfall and tornado swaths from Canopy Weather, are also provided and shown. 

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Reminder: Our next webinar is a can't-miss event! Join us to learn from industry leader Chris Montez, in underwriting and preventing cargo theft. We'll dive into a real scenario where an entire truckload of freight was stolen and how it was successfully recovered. Plus, we'll discuss best practices to prevent your company from experiencing cargo theft. Don't miss out on this valuable opportunity to protect your business. #webinar #cargothieves #prevention #RiskManagement

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