tropical cyclone

Verisk, the data analytics and technology provider, has announced a major update to its Tropical Cyclone Model for the United States, delivered through its new cloud-native Synergy Studio platform, providing a more realistic assessment of individual risk and portfolio exposure across insurance, reinsurance, and capital markets.

In response to the extensive damage caused by tropical cyclones Fytia and Gezaniver, which disrupted essential services and impacted over half a million people across Madagascar, $29 million has been deployed for recovery efforts through a blend of parametric financing solutions facilitated by the African Risk Capacity (ARC) and its partner institutions.

According to global specialty insurance and reinsurance group Chaucer, evidence from observational data and climate models shows that tropical cyclones, known as typhoons in the Pacific, are showing signs of being influenced by climate change, with a notable trend of their peak intensity shifting northward in the Northwest Pacific.

The impact of climate change has the potential to increase hurricane losses in the U.S. by at least 10% over two decades in certain scenarios, according to insurance and reinsurance broker Aon’s work with Columbia University.

Plans are proceeding apace for Australia’s cyclone reinsurance pool, a new government backed facility to enable insurers to access cyclone reinsurance more efficiently.

The Lloyd’s insurance and reinsurance market has announced the launch of a retail parametric cyclone insurance product for Northern Australia, with backing from stalwart markets Beazley, AXA XL, Hiscox and RenaissanceRe.

Specialty insurance and reinsurance group Chaucer, owned by leading Chinese reinsurer China Re, has partnered with parametric and data-driven insurtech MGA Yokahu to deliver parametric Caribbean hurricane insurance to at-risk communities in the region.

McKenzie Intelligence Services (MIS), a geospatial information, insurance and reinsurance intelligence provider, is to be the sole trigger data provider for parametric insurer Yokahu when it launches a string of hurricane and tropical cyclone parametric insurance products.

Reinsurance broker Guy Carpenter has warned of above-normal potential for tropical cyclones, or typhoons, in certain parts of the western North Pacific basin this year, with an above-average number of storms anticipated.

Despite reports of a relatively active start to the Pacific Tropical Cyclone season, Guy Carpenter’s Asia-Pacific Climate Impact Centre (GCACIC) has predicted slightly below-average cyclone formations and landfalls for the current season.