Why power outages do more economic damage than we think [Los Angeles Times (CA)]
SWISS RE LTD S/ADR (SSREY)
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Source: Los Angeles Times
One early estimate suggested the storm could result in $24 billion in total economic losses. But a new analysis by RMI, a clean energy nonprofit, suggests that the current methods for counting the damages from power outages mean we are likely undercounting its impact — and those of similar storms — by a significant margin. The report finds that current insurance metrics focus too narrowly on physical property damage while ignoring the “non-linear compounding losses” that occur when the grid stays down, such as food and medicine spoilage, as well as transportation disruptions that can extend well beyond the outage area. Traditional estimating tools like the Value of Lost Load (VoLL) fail to capture the reality of a multi-hour blackout beyond a given time window or narrow geography, the authors say. “The methodologies that go into power outage data in particular are often based on survey data, taken after the storms at a specific point in time, and often, as a result, underestimat
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