Catastrophe Risks

NOAA Upgrades Hurricane Forecast To Project Above-Average Activity

August 15, 2023

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

First-Half Natural Catastrophe Insured Losses Estimated at $50 Billion

August 14, 2023

Global insured losses from natural catastrophes reached $50 billion during the first half of this year, up from $48 billion during the same period last year, according to the Swiss Re Institute. The first-half insured natural catastrophe losses were the second largest since 2011, Swiss Re said. Read More

Population Shifts, Heavier Rains Drive Increased Hurricane Losses

July 25, 2023

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. Read More

Severe Convective Storms Drive Above-Average 1H Catastrophe Losses

July 24, 2023

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. Read More

EU Helps Subsidize Premiums for CCRIF Parametric Insurance Policies

July 13, 2023

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. Read More