Catastrophe Risks

Moody's RMS Says Hurricane Otis Insured Losses Could Hit $4.5 Billion

November 16, 2023

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. Read More

Insured Losses from Hurricane Otis Estimated at Up to $6 Billion

November 2, 2023

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. Read More

CCRIF Makes First Two Payouts of 2023 Atlantic Hurricane Season

October 26, 2023

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. Read More

Natural Catastrophe Losses Top Averages through First 3 Quarters

October 23, 2023

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. Read More

US Has Seen 24 Weather and Climate Billion-Dollar Loss Events in 2023

October 17, 2023

The United States has experienced 24 confirmed weather/climate catastrophes, with losses exceeding $1 billion so far in 2023, according to the National Oceanic and Atmospheric Administration's (NOAA) National Centers for Environmental Information (NCEI). Two other events might reach that level when losses are fully calculated. Read More