Researchers at Colorado State University have updated their 2020 Atlantic hurricane season forecast, increasing their projection for named storms this season by 1 to a total of 20. The Colorado State team forecast continues to project 9 hurricanes this season, including 4 major hurricanes of Category 3 or greater.
After a sharp decrease in demand for insurance this year due to the impact of the COVID-19 pandemic, the insurance industry's premium volume will recover to prepandemic levels in 2021, according to a new Sigma Report,from the Swiss Re Institute.
COVID-19 is adding to the challenges of Florida property insurers, who were already dealing with higher reinsurance pricing and social inflation.
Lloyd's of London has proposed potential solutions for business interruptions resulting from government-ordered shutdowns due to pandemics or other crises, including open-source frameworks for addressing systemic catastrophic events. The solutions and frameworks include two frameworks that would require government/(re)insurance industry partnerships.
Guy Carpenter said the COVID-19 pandemic looks to rank among the insurance and reinsurance sector's most expensive events, contributing to total 2020 catastrophe losses ranging from $100 billion up to $160 billion. The pandemic also could be one of the slowest developing catastrophes insurers and reinsurers have experienced.