2024 hurricane season

The US private market insurance industry loss from recent hurricane Beryl’s impacts is estimated to fall in a range of $2.5 billion to $4.5 billion by Moody’s RMS, with the risk modeller saying that its best estimate for the industry loss is $3.7 billion.

CoreLogic, the risk modelling and catastrophe data company, has updated its estimate for industry insured losses caused by recent hurricane Beryl, now putting the total for Texas wind losses at between $2.5 billion and $3.5 billion.

Hurricane Beryl is estimated to have caused insurance industry losses of $2.7 billion in the United States, losses of close to $510 million in the Caribbean, and $90 million in Mexico, according to catastrophe risk modelling specialists at Karen Clark & Co (KCC).

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.

According to sources, after hurricane Beryl came very close to triggering Jamaica’s $150 million IBRD CAR Jamaica 2024 catastrophe bond, there has been a slight decline in where it is marked on some pricing sheets, but this is thought only to account for minor uncertainty related to the potential for its track and meteorological data […]

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 […]