Catastrophe Risks
Atlantic Hurricane Season Meets Forecasts for Above-Average Activity
The 2023 Atlantic hurricane season lived up to forecasts with above-average activity and was close to what was forecast by the Tropical Meteorology Project at Colorado State University (CSU), CSU researchers said in their 2023 forecast verification report. Read More
Survey Shows Lack of Flood Preparation Among US Mid-Market Businesses
A new survey found that US mid-market businesses are both largely unaware of and unprepared for the flood risks facing their businesses. According to the "Chubb Commercial Insurance Flood Risk Survey" report, some 85 percent of companies mistakenly believe their property insurance covers some, all, or most types of flooding. Read More
US 2023 Billion-Dollar Loss Weather, Climate Disaster Count Reaches 25
Through early November, the United States has experienced 25 confirmed weather and climate disaster events with losses exceeding $1 billion, according to updated data from the National Oceanic and Atmospheric Administration's National Centers for Environmental Information. Read More
Moody's RMS Says Hurricane Otis Insured Losses Could Hit $4.5 Billion
Risk modeling firm Moody's RMS has estimated private market insured losses from Hurricane Otis at between $2.5 billion and $4.5 billion. The estimate represents insured losses associated primarily with wind damage resulting from the Category 5 hurricane that made landfall October 25 in Acapulco, Mexico, Moody's RMS said. Read More
Insured Losses from Hurricane Otis Estimated at Up to $6 Billion
Insured losses to onshore property as a result of Hurricane Otis will likely fall in the range of $3 billion to $6 billion, according to Verisk. Hurricane Otis made landfall in western Mexico on October 25 as a Category 5 storm, with maximum sustained winds estimated at 165 miles per hour. Read More