Editorial
Editorial
On 29 October 2024, the most severe catastrophic event in our country’s recent history occurred, and certainly the most significant in the history of Spanish insurance. In this issue of our periodical, we will describe the response provided by this institution to the catastrophe and how each and every one of the players in the insurance sector have played key roles in ensuring swift and efficient compensation for the damage caused by the floods triggered by the cut-off low (DANA in Spanish).
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The Floods Caused by the Cut-off Low in October–November 2024: The Greatest Challenge in the History of Extraordinary Risk Insurance
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On the night of 29 October, we watched in dismay – like all citizens of this country and the rest of the world – the drama unfolding across a large metropolitan area of Spain and other nearby regions. We quickly realised that the magnitude of the catastrophe was going to be devastating, as it sadly was in terms of loss of human life and material damage, and the challenge its management would entail.
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Takeaways for the Insurance Sector from the Valencia Floods
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On 29 October 2024 a DANA, from the Spanish abbreviation for a closed upper level low or a cut-off low storm system, dropped more than 770 litres per square metre in just 24 hours. To put this in perspective, this is the volume of precipitation that falls on the province of Valencia in 19 months.
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Multi-peril Agricultural Insurance: Experience and Commitment
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Year after year, extreme weather, geological, and political and social events highlight the vulnerability faced by people and property in today's society. A year has just gone by since one particular event, this one a weather event. I am, of course, talking about the floods that devastated part of the Mediterranean coast of Spain on 29 October 2024.
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Visibility of the Role of the Insurance Loss Adjuster
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Throughout this year, APCAS has participated in various forums to collaborate in analysing the consequences and circumstances of the cut-off low and the handling of the resulting claims.
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Lessons from the October 2024 Floods
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Each natural catastrophe serves as a reminder of the need for a strong, accessible and well-structured insurance system. The role of brokerage, far from being ancillary, is central.
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The 2024 Valencia Floods: The Ultimate Test for the Spanish Insurance System
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The cut-off low (DANA in Spanish) that struck the Region of Valencia at the end of October 2024 went beyond meteorological chronicles to become the largest flood-related loss ever managed by Consorcio de Compensación de Seguros (CCS).
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Loss Adjustment for the Valencia Floods: Challenges, Steps Taken, and Lessons Learned
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This article describes the measures taken by Consorcio and its collaborating loss adjusters to cope with this loss event, unprecedented in terms of the number of claims, the severity of the damage, and its social and media impacts.
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Comparison between the October 2024 Valencia Floods and the Main Flood Events in the Time Series for the Period 1971 to 2024
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We have selected the largest flood events in the historical time series for the past 54 years based on the data published in "Statistics. Extraordinary Risks. Data Series for 1971-2024", available on the CCS website.
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The View from Valencia
News
The Regional Branch of Consorcio de Compensación de Seguros (CCS) in Valencia plays a crucial role in managing extraordinary risks.
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