Here we review the 2015 seasonal predictions for tropical cyclone activity in the Western North Pacific and Atlantic Basins.
Posts Tagged ‘nat cat’
Any hurricane can produce wind, surge and inland flood impacts. The severity and scope of impacts is not always consistent with rating on the Saffir-Simpson scale, particularly for surge as we have seen with Katrina (2005) and Sandy (2012).
Hurricane Betsy made landfall on Key Largo with estimated winds of 125 mph (Category 3 hurricane) before entering the Gulf of Mexico in 1965.
Hurricane Audrey made landfall as a Category 4 hurricane on the Saffir-Simpson Scale in 1957.
Seasonal outlook providers note the cooler than average sea-surface temperatures (SSTs) in the tropical Atlantic as a key factor for a quiet season.
The El Niño Southern Oscillation (ENSO) phenomenon is signaled by sea-surface temperatures (SSTs) in the tropical East Pacific, with warm “El Niño” phases and cold “La Niña” phases. The large-scale circulations associated with El Niño enhance wind shear (changing wind speed with height) in the tropical Atlantic. The enhanced wind shear disrupts tropical cyclone development, generally resulting in fewer tropical cyclones in the Atlantic Basin. The suppressing effects of El Niño are found to be strongest in the deep tropics (1) and for African “Cape Verde” type storms.
As with any season, a landfalling hurricane can be a serious threat regardless of seasonal outlooks for the Atlantic Basin at large.
GC Securities* Completes Catastrophe Bond Panda Re Ltd. Series 2015-1 Notes Benefiting China Property & Casualty Reinsurance Company Ltd. and China Reinsurance (Group) Corporation
GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of Series 2015-1 Class A Principal At-Risk Variable Rate Notes due July 9, 2018, with notional principal of USD 50,000,000, through a newly formed catastrophe bond shelf program, Panda Re Ltd., to benefit the China Property & Casualty Reinsurance Company Ltd. and China Reinsurance (Group) Corporation (collectively “China Re”).
Here are the most recent CAT-i stories covering January through June of 2015.
The private catastrophe bond market continues to grow steadily in 2015, with USD196.7 million of limit placed in rule 4(2) private placement format via six transactions through March 31, 2015. The 2015 year-to-date volume (through March 31, 2015) has exceeded the total full-year issuance in the individual years 2011, 2012 and 2013. Total year-end issuance in 2014 was USD561.5 million across 17 transactions. As the industry continues to develop and enhance platforms to facilitate issuance of smaller catastrophe bonds, it is likely the market will continue to see further issuance in such a format over 2015.