According to catastrophe modeling firm AIR Worldwide, Jova, the ninth hurricane of the eastern Pacific season and the tenth named storm is 250 miles southwest of the port city of Manzanillo (population 100,000) in the state of Colima, Mexico. As of the National Hurricane Center’s 8:00 a.m. PDT advisory today, the storm is tracking east at 5 mph. Having undergone significant intensification overnight, maximum sustained winds are now 125 mph with higher gusts. “The storm is a significant threat because it is slow-moving, and the potential exists for major flooding…
Read MoreTag: hurricane season 2011
Three storms in the Atlantic have insurers and storm watchers worried
As the hurricane season continues its slow march, new storms are appearing in the Atlantic Ocean, spurring concerns that this season may make good on the promise of unusually high activity. The National Hurricane Center has been tracking Hurricane Katia for a number of weeks as it has hovered just off the East Coast, fluctuating between hurricane status and that of a tropical storm. Two new storms have sprouted in the Atlantic and the Gulf of Mexico, and both have storm watchers worried. At present, Katia is designated as a…
Read MoreInsurers unlikely to raise rates in the wake of Hurricane Irene, according to Allianz
Despite fears that disaster-prone 2011 will incite higher insurance rates in the future, Allianz, one of the largest commercial insurance companies in the world, says that the toll of the damage caused by natural disasters throughout the year will not prompt widespread hikes in premiums. Jay Ralph, a board member of Allianz in charge of the North American insurance market, spoke with reporters concerning the issue, noting that the excess capacity of the insurance industry is enough to weather the storm without any major changes in policies. However, insurers should…
Read MoreRates for homeowners insurance are on the rise
Homeowners insurance rates are expected to experience a notable increase following a year that has seen significant severe thunderstorms and tornadoes, and where forecasts predict that the 2011 hurricane season will be more active than the average. In fact, in areas where the storms have been the most damaging, policyholders may find themselves paying up to 20 percent more to their insurers. Though some homeowners are counting on a lower increase because the value of their homes have decreased, it is important to recognize that it is not the market…
Read MoreNOAA updates hurricane season forecast, still calls for an active season
The National Oceanic and Atmospheric Administration (NOAA) has updated their forecast of this year’s hurricane season. The original outlook was issued in May in which the agency noted that the current season would be more active than usual. Several major storms have already formed in the Atlantic Ocean, with some making landfall in Florida and Texas. None have cause any major damage, thus far, but that may change during this month as NOAA predicts as many as five category 3 hurricanes to form offshore. According to Gerry Bell, Ph.D., the…
Read More