The 2023 Atlantic hurricane season lived up to forecasts with above-average activity and was close to what was forecast by the Tropical Meteorology Project at Colorado State University (CSU), CSU researchers said in their 2023 forecast verification report.
A new survey found that US mid-market businesses are both largely unaware of and unprepared for the flood risks facing their businesses. According to the "Chubb Commercial Insurance Flood Risk Survey" report, some 85 percent of companies mistakenly believe their property insurance covers some, all, or most types of flooding.
Through early November, the United States has experienced 25 confirmed weather and climate disaster events with losses exceeding $1 billion, according to updated data from the National Oceanic and Atmospheric Administration's National Centers for Environmental Information.
Risk modeling firm Moody's RMS has estimated private market insured losses from Hurricane Otis at between $2.5 billion and $4.5 billion. The estimate represents insured losses associated primarily with wind damage resulting from the Category 5 hurricane that made landfall October 25 in Acapulco, Mexico, Moody's RMS said.
Insured losses to onshore property as a result of Hurricane Otis will likely fall in the range of $3 billion to $6 billion, according to Verisk. Hurricane Otis made landfall in western Mexico on October 25 as a Category 5 storm, with maximum sustained winds estimated at 165 miles per hour.
CCRIF SPC made its first payouts of the 2023 Atlantic hurricane season, with two payouts totaling $3.4 million to the governments of Antigua and Barbuda and the British Virgin Islands following Tropical Storm Phillipe. The storm caused heavy rain and flooding in both countries.
Insured losses resulting from natural disasters during the first 3 quarters of 2023 were estimated at more than $88 billion, with the number of billion-dollar natural catastrophes expected to set a record this year, according to a new report from Aon.