While June 1 renewals were challenging, capacity ultimately came together to meet cedents’ needs and the market continued to function well. Similar outcomes are expected at July 1, and looking further ahead to January 1, 2021. The reinsurance sector has shown itself to be well versed at navigating market-changing events, and the overriding message following June 1 renewals is t ... Continue Reading »
hurricane
Hurricane Season: Elevated Storm Activity in the North Atlantic Basin
Current hurricane predictions indicate elevated storm activity in the North Atlantic basin. These include a forecast from The National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center of six to 10 hurricanes and three to six major hurricanes, compared to averages of six and two, respectively. ... Continue Reading »
Hurricane Season Has Started, but FEMA Is Tied Up With Coronavirus
As the COVID-19 pandemic continues into hurricane season and shifts the risk landscape for corporate and public sector entities alike, there is now a prime opportunity for governments to put the wide-ranging expertise and modeling capabilities of the (re)insurance industry to use. The Atlantic hurricane season is now officially underway, and The National Oceanic and ... Continue Reading »
Weather Sentinel: 2020 Atlantic Hurricane Season Outlook
Looking forward to the 2020 Atlantic hurricane season, seasonal outlook providers are forecasting an active season in the North Atlantic Basin. The numbers include a forecast of nine hurricanes and four major hurricanes in the Basin, relative to averages of six and two, respectively, according to Phil Klotzbach of Colorado State University. The season is already off to a record ... Continue Reading »
Public-Private Partnerships: Protecting our Planet and the Public Purse
Most catastrophe losses, whether caused by natural perils or other events, represent unbudgeted demands on public finances, according to Guy Carpenter's new report, Protecting our Planet and the Public Purse. Money spent to replace critical infrastructure (for example) inevitably draws money and resources away from other important community initiatives. ... Continue Reading »
Regional Inequalities: Protecting our Planet and the Public Purse
Climate change is a top priority for companies and governments around the world, but it will not impact all geographies in the same way, or to the same degree. Guy Carpenter's new report, Protecting our Planet and the Public Purse, looks into the potential for accentuated global inequalities under climate change and how the protection gap falls across higher and lower income ... Continue Reading »
Lifting the Burden From Governments: Protecting our Planet and the Public Purse
The specter of climate change points to a future that will see more frequent and severe weather events. This is likely to increase reliance on governments to absorb more costs, according to Guy Carpenter’s Protecting our Planet and the Public Purse report. Insurance penetration is already falling behind rising loss trends and the cost of disasters is increasingly being borne by ... Continue Reading »
CAT-i Bulletin: Hurricane Lorena
In the East Pacific Basin, Hurricane Lorena affected the Pacific Coast of Mexico south of Puerto Vallarta before approaching the Baja California Peninsula as a category-1 hurricane over the weekend. Initial media reports indicate some flooded homes and roadways along with some property damage due to wind for affected areas. After the storm moved inland and dissipated, it ... Continue Reading »
Weather Sentinel: Ongoing Tropical Activity – Update
Tropical activity continues for the North Atlantic and East Pacific Basins. A few features continue to pose an active threat for property. Tropical Storm Lorena is on a track very close to the Pacific Coast of Mexico, after bringing hurricane conditions and heavy rainfall. Meanwhile the remnants of Imelda continue to draw significant moisture onshore over the northwestern Gulf ... Continue Reading »
Do Real-Time Event Loss Estimates Inform Model Fitness? Part III: Historical Event Reconstruction and Model Fitness
It takes time to clarify the hazard measurements at locations with instruments. Hurricane Michael hit Florida on October 10, 2018 as a Category 4 event. Six months later, on April 19, 2019, the National Hurricane Center upgraded Michael to Category 5 because reanalysis showed that its landfall wind speed was 160 MPH instead of 155 MPH. ... Continue Reading »
