The trend of damaging wildfires in the western United States resulting from excessive heat and drought conditions, combined with other adverse weather conditions, could have a significant impact on the property-casualty insurance market, according to S&P Global. The National Interagency Fire Center had recorded 35,086 fires nationwide through July 19.
A predicted above-average hurricane season and active wildfire season coupled with shortages in building supplies and global supply chain issues are setting the stage for a particularly challenging hurricane and wildfire season, according to a new white paper from the American Property Casualty Insurance Association.
Researchers at Colorado State University have issued their latest update to their 2021 Atlantic hurricane season forecast, increasing the number of expected hurricanes slightly. The revised forecast, which continues to call for above-average storm activity this year, now calls for 20 named storms this year including 9 hurricanes.
CCRIF SPC's member governments renewed their parametric insurance coverage for tropical cyclones, excess rainfall, earthquakes, and the fisheries sector in advance of this year's Atlantic hurricane season. According to a statement from CCRIF, this was the second straight year that members ceded more than $1 billion in risk to CCRIF.
US inflation and rising construction prices will have an adverse impact on claims costs arising from any hurricanes making landfall this season, according to a new report from Swiss Re. Forecasts for this year's North Atlantic hurricane season call for an above-average season, though not one reaching 2020's record-setting levels.