AM Best Dan Ward, atmospheric scientist and director of model development, Karen Clark and Co., discusses the outlook for the 2024 hurricane season. Ward expects a very active season this year, especially in places such as Florida and Louisiana, as well as wildfire as a secondary peril.
Tag: SCS
Deadly Houston Windstorm Estimated to Have Caused $5B to $7B in Damage: AccuWeather
AccuWeather, an Eyewitness News partner, revealed a price tag of $5 billion to $7 billion for the damage caused when a powerful storm line pushed across the Houston metropolitan area. As of Friday, seven people were killed throughout the city and Harris County.
Catastrophe Bonds Based on Models that Often Underestimate Climate Risks
Catastrophe bonds and other insurance-linked securities, which powered last year’s highest-returning hedge fund strategy, are built on calculations that can underestimate a new breed of risk stemming from high-frequency events such as wildfires and thunderstorms, according to veteran investors.
Pricier Insurance Makes Sense as Climate Risk Grows, Chubb CEO Says
Surging insurance premiums in regions vulnerable to climate change make sense, and government efforts to hold back those increases won’t work in the long term, Chubb Chief Executive Evan Greenberg said.
Aon Estimates Q1 Global Insured Catastrophe Losses of at Least $17B
Broking giant Aon has estimated that global insured catastrophe losses amounted to at least $17 billion in the first-quarter of 2024, which was slightly above average by its measure.
Severe Storms Rumble Across Eastern U.S.
More severe storms and flash flooding will continue for parts of the U.S. on Thursday after an intense line of storms whipped through multiple states with heavy rain and tornadoes, leaving extensive damage and killing at least least one person.
New Record of 142 Natural Catastrophes Accumulates to $108B in Insured Losses in 2023
A devastating earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods were the main events driving insured natural catastrophe losses to $108 billion in 2023, reaffirming the 5–7% annual growth trend in global insured natural catastrophe losses since 1994.
CoreLogic Previews the Evolving Severe Convective Storm Risk Landscape in New Report
CoreLogic®, a leader in global property information, analytics and data-enabled solutions, released its 2024 Severe Convective Storm Report, detailing how severe thunderstorm risk is growing in the United States and highlighting the historic severe convective storm activity, also known as severe thunderstorm, seen in 2023. There were 141 days with large hail (two inch or greater) in 2023—the highest number of days in 20 years.
Aon: Record $50B U.S. Severe Convective Storm Losses Drive Total Natural Catastrophe Toll in 2023
For the first time, insured losses from SCS in the U.S. surpassed $50 billion and accounted for 60% of global insured losses.
Severe Thunderstorms Account for Up to 70% of All Insured Natural Catastrophe Losses in H1 2023: Swiss Re
A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils.