Speaking about the end of the 2023 US hurricane season, MS Amlin head of risk analytics Dr Jessica Turner said that this year’s deluge of weather events were in-line with predictions, with 20 named storms, seven hurricanes, and three major hurricanes.
However, Turner said that this should not be a cause for complacency among the insurance and reinsurance sectors.
“One relatively subdued North American season doesn’t signal that the environment has become more benign, or that it’s time for a market softening,” Turner said. “In fact, this season offered a worrying glimpse of what could be to come. Record high sea temperatures in the north Atlantic contributed to the rapid intensification of storms. Idalia, for example, surged from 75mph to 130mph in 24 hours.”
Weather events that intensify with little to no warning mean a reduced window for communities to prepare, Turner said, which could lead to potentially greater losses.
“As our climate changes, insurers and communities will need to find new ways to prepare for, and respond to, this growing risk,” Turner said.
In a report from the specialty re/insurer earlier this year, MS Amlin projected that the North Atlantic hurricane season spanning June 1 to November 30 will be near-normal.
What are your thoughts on this story? Please feel free to share your comments below.
