Catastrophe Risks
Hurricane Idalia Insured Loss Estimated at $3 Billion to $5 Billion
Risk modeling firm Moody's RMS has estimated total private-market insured losses from Hurricane Idalia at between $3 billion and $5 billion, with a best estimate of $3.5 billion. The estimate represents insured losses resulting from wind, storm surge, and precipitation-induced flooding. Read More
Moody's RMS Estimates Maui Wildfire Insured Loss at Up to $4 Billion
Catastrophe risk modeling firm Moody's RMS has estimated economic losses from the Lahaina and Kula wildfires in Hawaii at $4 billion to $6 billion. Moody's RMS estimated that the burn footprints in Lahaina and Kula include insured property value ranging from $2.5 billion to $4 billion. Read More
Smaller Hawaii-Focused Insurers Could Face Greater Wildfire Impacts
Smaller insurers with a heavier concentration of business within Hawaii could experience more severe impacts to their capital plans, reinsurance, and enterprise risk management programs as a result of the Maui wildfires, according to A.M. Best. Inflation and supply chain issues could pose additional challenges. Read More
Lahaina Wildfire Insured Property Losses Estimated at $3.2 Billion
Insured property losses from the Hawaiian wildfire that devastated Lahaina on the island of Maui will likely reach approximately $3.2 billion, according to an estimate from Karen Clark & Company (KCC). More than 2,200 structures were damaged or destroyed in Lahaina by the most destructive wildfire in Hawaii's history. Read More
NOAA Upgrades Hurricane Forecast To Project Above-Average Activity
Scientists at the Climate Prediction Center of the US National Oceanic and Atmospheric Administration (NOAA) have increased their prediction for the 2023 Atlantic hurricane season. In its latest update, NOAA is now calling for an above-normal level of activity, rather than the earlier forecast of a near-normal level of activity. Read More