So far, the 2010 Atlantic hurricane season has been kind to insurers and reinsurers. On each occasion that a large loss has been expected the winds have died or the storm track has changed enough to prevent that large loss happening. Despite this being one of the most active seasons the losses are not mounting up even as much as benign seasons like last year.
Hurricane Karl hit Mexico as a powerful Category 3 storm. It has caused a lot of flooding and 12 deaths but EQECAT Inc. have pegged estimated losses as no more than $400m.
Hurricane Igor hit Bermuda on Sunday night, winds had died to mostly Category 1 by the time it passed just to the west of the island. Despite being a massive storm which subjected Bermuda to hurricane and tropical storm force winds for many hours, AIR Worldwide have estimated insured losses at less than $100m.
So, two hurricanes which had the potential to cause much more damage, neither of which has been market changing in any way.
The next named storm of the season should form later today, Tropical Storm Lisa will be no threat to land and is expected to track north through the Atlantic.
We are told that the Caribbean is ripe for formation of storms at the moment and there is a good chance of a storm forming in that sea within a week. Keep any eye on the tropics with our storm tracking page.
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