A predicted above-average hurricane season and active wildfire season coupled with shortages in building supplies and global supply chain issues are setting the stage for a particularly challenging hurricane and wildfire season, according to a new white paper from the American Property Casualty Insurance Association.
Researchers at Colorado State University have issued their latest update to their 2021 Atlantic hurricane season forecast, increasing the number of expected hurricanes slightly. The revised forecast, which continues to call for above-average storm activity this year, now calls for 20 named storms this year including 9 hurricanes.
CCRIF SPC's member governments renewed their parametric insurance coverage for tropical cyclones, excess rainfall, earthquakes, and the fisheries sector in advance of this year's Atlantic hurricane season. According to a statement from CCRIF, this was the second straight year that members ceded more than $1 billion in risk to CCRIF.
US inflation and rising construction prices will have an adverse impact on claims costs arising from any hurricanes making landfall this season, according to a new report from Swiss Re. Forecasts for this year's North Atlantic hurricane season call for an above-average season, though not one reaching 2020's record-setting levels.
An updated forecast from the Department of Atmospheric Science at Colorado State University continues to call for an above-average North Atlantic hurricane season this year. The updated June forecast continues to predict 18 named storms this season including 8t hurricanes, 4 of which are likely to become major hurricanes.
Following 2020's record-breaking hurricane season, US property and casualty (P&C) (re)insurers are bracing for potential large losses from another above-average hurricane season, according to a Fitch Ratings report. Natural catastrophes—particularly hurricanes—are a major source of underwriting volatility for the P&C insurance industry, Fitch said.
More than a year into the pandemic, COVID-19 remains a dominant factor in the global economic outlook. While data on vaccination rates and the decline in confirmed cases suggest that there is a clear, bright light at the end of the COVID tunnel, it is important that we remain vigilant.