Atlantic Hurricane Season

The Colorado State University tropical meteorology team has raised its forecast for an extremely active  2024 Atlantic hurricane season to now call for 25 named storms, 12 hurricanes and 6 major hurricanes to occur, explaining that conditions are particularly conducive to hurricane formation and intensification.

Hurricane Beryl made landfall near Matagorda, Texas yesterday as a Category 1 storm and the fact certain meteorological conditions meant the storm did not intensify as much as it perhaps could have, means the insurance industry loss in the United States from Beryl will not be overly significant.

While Jamaica won’t receive a payout from its catastrophe bond after hurricane Beryl passed close to the island but was not intense enough, or a direct hit, to activate that structure’s trigger, the fact the country has a multi-layered disaster risk financing strategy means liquidity is available, the country’s Minister of Finance Dr. Nigel Clarke […]

According to risk modelling and catastrophe data firm CoreLogic, the insurable losses from hurricane Beryl’s impacts in the Caribbean and Mexico are expected to total no more than $1.7 billion.

Hurricane Beryl is back, having regained its hurricane strength wind speeds and now the storm heads for a Texas landfall. The fact Beryl took longer than anticipated to regain its structure and intensify again over the Gulf has likely saved the State from a more impactful catastrophe event.

In a Saturday update, Andrew Siffert, reinsurance broker BMS Re’s Senior Meteorologist, has said that, based on the latest forecasts and with Beryl taking longer to regain hurricane status, after weakening to a tropical storm overnight, the insurance industry loss from the storm could be largely retained in the primary market, without too much reinsurance […]

Tropical Storm Risk (TSR) has again raised its forecast for activity levels during the 2024 Atlantic hurricane season, with an additional hurricane expected and a prediction that now four Category 1 or stronger storms will make landfall in the United States.

An update from Swiss based catastrophe bond fund management specialist Plenum Investments confirms our earlier analysis, that the track and pressure data for major hurricane Beryl suggests the storm will not have breached the parametric trigger for the $150 million parametric IBRD CAR Jamaica 2024 catastrophe bond.

Jamaica has been battered by the passage of major hurricane Beryl just off its southern coast. But, for holders of the World Bank facilitated $150 million parametric IBRD CAR Jamaica 2024 catastrophe bond transaction, early analysis of the real-time storm track suggests that noteholders will not face any loss of principal.

Overnight, the latest updates to the forecast path of major hurricane Beryl have kept Jamaica’s $150 million parametric IBRD CAR Jamaica 2024 catastrophe bond transaction on watch for its potential to be triggered. Cat bond market participants tell us it may be too late for any trading activity now, but at the same time we’re […]