The combination of US population growth in hurricane-prone states and the increasingly heavy rainfall accompanying hurricanes has resulted in higher insurance losses for wind- and flood-caused property damage, according to the Insurance Information Institute (Triple-I). A Triple-I report noted the growing inland flooding risk associated with hurricanes.
The first 6 months of 2023 saw above-average natural catastrophe losses, with many of those losses the result of severe convective storms, according to multiple analyses of first-half catastrophe activity. This year already ranks as the third-costliest year on record for US severe convective storms, one report suggests.
The European Union provided support to CCRIF SPC to subsidize premiums for parametric insurance policies for CCRIF's Caribbean members. The EU provided CCRIF with $4.7 million to subsidize premiums for tropical cyclone and excess rainfall coverage for 12 eligible CCRIF Caribbean members for the policy year that began June 1.
In their latest update to their 2023 Atlantic hurricane season forecast, researchers from Colorado State University have increased their forecast and now call for an above-average hurricane season.The change is due to record warm sea surface temperatures in most of the tropical and subtropical Atlantic Ocean.
Colorado State University researchers have slightly increased their forecast for 2023 Atlantic hurricane season activity and now predict a "near-average" season. The updated forecast—Colorado State's second forecast for the 2023 season—calls for 15 named storms, including 7 hurricanes, 3 of which will be major hurricanes of Category 3 or higher.