The member governments of the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) all renewed their parametric insurance coverage for disasters including tropical cyclones, excess rainfall, earthquakes, and fisheries ahead of the 2020 Atlantic hurricane season that started June 1. Members ceded more than $1 billion in risk to CCRIF SPC this year.
The COVID-19 pandemic has exposed new and changing risks, highlighted societies' lack of preparation for such a crisis, and made clear that broad risk awareness is essential for proper risk management, according to a new SONAR report from Swiss Re.
In its annual hurricane season report, Fitch Ratings suggests that the COVID-19 pandemic's continuation into this year's hurricane season is likely to increase the challenge for insurers if a major storm occurs. Most 2020 hurricane season forecasts predict above-average activity this year.
The Federation of European Risk Management Associations (FERMA) has called on the European Commission to create a European Union business interruption resilience framework for catastrophic risks. FERMA called on the commission to address the "severe shortage" of business interruption insurance for disruptions that don't involve physical damage.
The National Oceanic and Atmospheric Administration (NOAA) is predicting an above-normal Atlantic hurricane season this year with a range of 13 to 19 named storms of which 6 to 10 could become hurricanes, including 3 to 6 major hurricanes. The Atlantic hurricane season runs from June 1 through November 30.