Insured losses from Hurricane Fiona in Puerto Rico and the Dominican Republic should be manageable for affected insurers but will be influenced by the duration of business interruptions due to power losses, according to A.M. Best.
AccuWeather has joined other forecasters in tempering its 2022 Atlantic hurricane season prediction, though its latest update still projects an active season with a high chance for significant storms making landfall on the US mainland. The forecaster now expects 16 named storms this season, including 6 to 8 hurricanes.
Examining catastrophe losses during the first half of 2022, the world's two largest reinsurers both pointed to the growing influence of climate change, in addition to exposure growth in vulnerable areas and rates of insurance penetration in some of the most exposed regions of the world.
In their most recent updates to their 2022 Atlantic hurricane season forecasts, the US National Oceanic and Atmospheric Administration and researchers from Colorado State University continued to predict an above-average season. In the updates, both groups decreased their predictions for this year's hurricane season slightly.
CCRIF SPC member governments have renewed their parametric insurance coverage for tropical cyclones, excess rainfall, earthquakes, and the fisheries sector for the 2022–2023 policy year. Members ceded more than $1.2 billion in coverage—an increase of 10 percent over the previous policy year—for earthquake, tropical cyclone, and excess rainfall policies.