An updated forecast from the Department of Atmospheric Science at Colorado State University continues to call for an above-average North Atlantic hurricane season this year. The updated June forecast continues to predict 18 named storms this season including 8t hurricanes, 4 of which are likely to become major hurricanes.
Following 2020's record-breaking hurricane season, US property and casualty (P&C) (re)insurers are bracing for potential large losses from another above-average hurricane season, according to a Fitch Ratings report. Natural catastrophes—particularly hurricanes—are a major source of underwriting volatility for the P&C insurance industry, Fitch said.
More than a year into the pandemic, COVID-19 remains a dominant factor in the global economic outlook. While data on vaccination rates and the decline in confirmed cases suggest that there is a clear, bright light at the end of the COVID tunnel, it is important that we remain vigilant.
The National Oceanic and Atmospheric Administration (NOAA) has joined other forecasters in predicting another above-normal Atlantic hurricane season this year. NOAA projects a likely range of 13–20 named storms this year, of which 6–10 could become hurricanes, including 3–5 major hurricanes.
Major US flood events could grow over the next 30 years, even as insurers and public policymakers improve their ability to reduce flood risks, according to a new paper from the Insurance Information Institute. Despite government efforts, the current approach to flood risk is insufficient, according to the paper.