Catastrophe Risks

Catastrophe risk modeling firm Moody's RMS has estimated economic losses from the Lahaina and Kula wildfires in Hawaii at $4 billion to $6 billion. Moody's RMS estimated that the burn footprints in Lahaina and Kula include insured property value ranging from $2.5 billion to $4 billion. Read More

Smaller insurers with a heavier concentration of business within Hawaii could experience more severe impacts to their capital plans, reinsurance, and enterprise risk management programs as a result of the Maui wildfires, according to A.M. Best. Inflation and supply chain issues could pose additional challenges. Read More

Insured property losses from the Hawaiian wildfire that devastated Lahaina on the island of Maui will likely reach approximately $3.2 billion, according to an estimate from Karen Clark & Company (KCC). More than 2,200 structures were damaged or destroyed in Lahaina by the most destructive wildfire in Hawaii's history. Read More

Scientists at the Climate Prediction Center of the US National Oceanic and Atmospheric Administration (NOAA) have increased their prediction for the 2023 Atlantic hurricane season. In its latest update, NOAA is now calling for an above-normal level of activity, rather than the earlier forecast of a near-normal level of activity. Read More

Global insured losses from natural catastrophes reached $50 billion during the first half of this year, up from $48 billion during the same period last year, according to the Swiss Re Institute. The first-half insured natural catastrophe losses were the second largest since 2011, Swiss Re said. Read More