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Old 11-02-2016, 10:51 AM
Location: lakewood
572 posts, read 396,936 times
Reputation: 309


I found some interesting information...

so it seems that tornadoes take the vast majority of lives, but floods can sometimes incur a tremendous amount of monetary impact; but not on a statistically 'consistent' basis... meaning that sometimes the flood damage is very small in values, other times very high.... distribution on the spectrum is not really predictable....

given these scenario trend data sets -- it seems to me that the decision to insure or not could be argued to be very arbitrary -- assuming that the value placed upon of human life is considered to be 'worth' more than 'things' as we are often told...

The greatest number of fatalities came from tornado events. While the median number of deaths of each tornado event was comparable to heat, flood, snow, precipitation, fire and visual obstructions the skew in the data showed that it was not uncommon to have 10 to 100 times more deaths. Combine this with a relatively high frequency, the total number of deaths attributed to tornadoes dwarfs other weather event categories.

Across the United States weather events that kill the most people are tornadoes, heat and flooding. After those events, there is a fairly steep roll off in the total number of lives lost. However, it is important to look at the risk associated with the number of lives that are lost in each event as the frequency of these events vary a great deal. Tsunami has the highest median death rate but that event is so rare that the total number of deaths is trivial compared to most other events. The data shows that the median death rate is near zero for most weather events except, tornado, heat, flood, snow, precipitation, fire and visual obstructions which is around one to two deaths. Within these events the median death rate is practically the same. The interesting observation comes by looking at the outliers. For tornadoes and floods, they can have very high death rates in single events. It is not uncommon to have deaths in the range of 10 to 100 people per event. This skewing of the data and the fact that the events are relatively common causes a skewing in the total observed deaths.

As an aggregate, floods create the greatest amount of total economic loss. While hurricanes consistently have a high economic cost they with relatively small variation in their total cost per event and are relatively infrequent. Floods have demonstrate the largest variation in cost ranging from tens of dollars to the most expensive weather event that is about 10 times more expensive then the most expensive hurricane. Combined with a high frequency, the total economic loss from floods dwarfs that of all other weather events.

The median cost of the different types of weather events does not demonstrate a great deal of variation relative to its spread. The median values all range form tens of thousands to millions of dollars. The most expensive per event is the hurricane, but it does not have much variation in its cost. The flood has one of the lowest median costs per event but the total cost dwarfs all other weather events. This can be attributed to two factors. The distribution of costs on a flood event can be as low as tens of dollars up to the ten times the cost of the most expensive hurricane. Combine that with a high frequency and the total costs from flooding will dominate the data.

Old 11-02-2016, 12:37 PM
20,840 posts, read 39,052,603 times
Reputation: 19074
closed for moderator review
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