Indiana-based FTR has studied the impact of severe weather on trucking since Hurricane Katrina wreaked havoc throughout the Gulf States in That was over 3, days ago and far exceeds the previous record of approximately six years between major hurricanes, which dates back to This will likely have an impact on both property insurance rates and the catastrophe bond market.
There are several key drivers for an anticipated slow season.
This affects every citizen and the energy of our economy, but it has an especially drastic impact on the trucking industry that relies on low gas prices to maintain the bottom line. For example, the tourism industry may suffer from a reduction in visitor numbers, even if various parts of the city are untouched.
It is during these instances where local, state, and federal government work in close conjunction with the transportation industry, to provide assistance to people when it matters most. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice.
Continued population growth, expansion of the energy sector and foreign trade will boost trucking, intermodal rail, and pipeline shipments in particular.
Reinsurers whose policies include "follow the settlements" clauses will need to consider carefully whether they are obliged to indemnify insurers for early settlements intended to remove that risk. Because of all of these issues, a re-analysis of the Atlantic hurricane database is being attempted that will be completed in three years.
That piece alone will hit many companies the hardest and put a greater strain on the prices of food and other necessities due to increased fuel costs. Capacity had already been tight before Hurricane Harvey, and rates have increased this year, altering the trucking and logistics industry nationwide, not just in the areas directly impacted by the hurricane.
A substantial loss at this stage of the year, in an unexpected geographical zone, may negatively impact on that planning process. Hurricane Arthur, a Category 2 storm, made landfall in North Carolina in July as the first storm of All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
HURDAT was not designed with all of these uses in mind when it was first put together and not all of them may be appropriate given its original motivation.
In Florida, the hurricane will certainly affect the industry at the state level but may not affect the national industry. A particular concern is that the impact in certain areas may have resulted from the confluence of three separate weather systems. While the full impact of these two storms is still being weighed, there is no question that these storms have negatively impacted many industries- namely the transportation and energy industries.
Despite our record stretch without a Cat 3 hurricane, it only takes one powerful storm to cause widespread losses to businesses. And sorting out the aftereffects for the transportation and warehousing industries has proved problematic.
The first time in led to the addition of tropical cyclone tracks for the years to In most natural disasters, especially of this caliber, the most efficient way to get supplies to the people affected is by truck.After Hurricane Katrina, FTR started looking at the relationship of weather and the trucking industry.
Following Katrina, there was a 7-percentage point increase for five months. With Harvey having equally devastating effects on a major trucking port, this does not bode well for the upcoming months.
Other notable effects of Hurricane Harvey are as followed: The number of available outbound loads from Houston plunged 72% compared to the previous week, when the storm came ashore late on Friday, Aug. While Hurricane Harvey wrought devastation across Texas and other gulf regions, the after effects are going to be felt by the trucking industry across the United Stated for at least the next year.
Perhaps the more frightening uncertainty is that we are not finished with hurricane season. Recovering from the Hurricane Season: The problems arising out of Hurricane Irma have reached the shipping industry. The natural disaster has affected US supply chains (not to mention the fact that the industry has already been battered by the after-effects of Hurricane Harvey).
It has been a record eight years since the last major hurricane made landfall in the United States and this year’s hurricane season may prove to extend that record.
Hurricane Sandy, in Octoberwas the most recent threat: It was a Category 2 hurricane when it hit Cuba but weakened to a post-tropical cyclone by the time it made U.S. landfall.
Sep 18, · “A hurricane does not need to make landfall to cause significant adverse effects in the Northeast, since the shape of the coast tends to enhance storm effects and trap ocean water,” AccuWeather Senior Meteorologist Alex Sosnowski said.Download