Catastrophe Risks

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

The combination of US population growth in hurricane-prone states and the increasingly heavy rainfall accompanying hurricanes has resulted in higher insurance losses for wind- and flood-caused property damage, according to the Insurance Information Institute (Triple-I). A Triple-I report noted the growing inland flooding risk associated with hurricanes. Read More

The first 6 months of 2023 saw above-average natural catastrophe losses, with many of those losses the result of severe convective storms, according to multiple analyses of first-half catastrophe activity. This year already ranks as the third-costliest year on record for US severe convective storms, one report suggests. Read More