Cost of hurricanes to insurance industry will break $100 billion, JPMorgan

cost of hurricanes to insurance

Insurers face massive bills from the three hurricane-level storms that made U.S. landfall, even before Nate. Though it’s too early to know the insured damage total of Hurricane Nate, the cost of hurricanes to insurance industry coverage providers in the United States will already reach $100 billion, says JPMorgan. This prediction aligns with other industry players, such as Fitch Ratings. The catastrophe left behind by Harvey, Irma and Maria will be a hard hit to insurance company earnings. At the same time, it’s likely that the cost of hurricanes to…

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Hurricane insurance companies are preparing for a busier season than usual

hurricane insurance companies

As Harvey makes its way closer to Texas, insurers are bracing for the impact of landfall. Forecasters and hurricane insurance companies alike are watching both Harvey and the rest of the Atlantic storms that are brewing. The season is expected to be more active than average and it is far from over. In fact, the Atlantic hurricane season has only just reached its peak and will continue until November. Many meteorologists and weather monitoring organizations have upgraded their initial forecasts for the season. Though it was originally expected to be…

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Atlantic hurricane season starts today and may be an active one

insurance news - atlantic hurricane season

North America could be in for a more active storm season in 2016 than has been the case for the last few years. The North American east coast may be getting itself ready for activity this Atlantic hurricane season, which means that residents, businesses and insurance companies on that side of the continent should likely start to keep an eye on weather reports and take the right steps to prepare. Over the last few years, major hurricanes have been few in numbers, but it only takes one to bring catastrophe.…

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Hurricane season preparedness is better than typical in Florida, this year

Florida hurricane insurance rates

The insurance industry is more ready than usual as this year’s highest risk period for the storms begins. This hurricane season, Florida feels that its insurance industry is better prepared than it has been in quite some time, after having enjoyed eight consecutive years in which the massive Atlantic storms have not caused catastrophes within the state. Now that the season for these major storms has begun, the state is ready to see what this year has to offer. The 2014 Atlantic hurricane season got started on June 1 but…

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2012 hurricane season may be more peaceful than previous years

Hurricane season 2012

Weather Service International announces calmer season for the U.S. The global insurance industry has been holding on to hope that 2012 would be less prone to disasters than its two predecessors. Storms earlier in the year damage this resolve, causing a significant amount of insured losses around the world. Major storms in the U.S. have left the country’s insurance industry on its heels. Things may be looking up for U.S. insurers, however, according to a recent announcement from Weather Services International, a global weather monitoring service. 2012 to have below…

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Tropical Storm Lee Threatens Much of the Gulf Coast with Heavy Rainfall; Landfall

BOSTON, Sept. 2, 2011 – According to catastrophe modeling firm AIR Worldwide, Tropical Depression 13 has strengthened to Tropical Storm Lee. Lee is currently 200 miles southeast of Cameron, Louisiana, and 210 miles southwest of the mouth of the Mississippi River. Maximum sustained winds are 40 mph, up from 35 mph earlier today, and Lee’s tropical storm-force winds extend outward for 200 miles. The storm is moving very slowly north through the Gulf of Mexico, at 2 mph. A tropical storm warning has been issued for Pascagoula, Mississippi, west to…

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Tropical Storm Gert to Brush Bermuda

BOSTON, Aug. 15, 2011 — According to catastrophe modeling firm AIR Worldwide, the seventh named storm of the Atlantic hurricane season, Tropical Storm Gert, is approaching Bermuda and is expected to skirt the island before turning back out to sea, away from the U.S. east coast. The tropical depression that is now Gert formed in the Atlantic late Saturday night, and was upgraded to tropical storm status by Sunday afternoon. As of today’s 11:00 AM EDT advisory from the National Hurricane Center (NHC), Gert was located about 95 miles southeast…

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