tropical storm Beryl 2024

Communications specialist Liberty Latin America is expecting a $44 million payout from parametric weather derivatives after the passage of hurricane Beryl triggered these instruments for the company.

The Texas Windstorm Insurance Association (TWIA) has said that with it estimating losses of $400 million from hurricane Beryl making landfall in the state, it now believes most if not all of its Catastrophe Reserve Trust Fund (CRTF) may be eroded, something that will have implications for its funding and maybe for its reinsurance buying.

The latest estimate of insurance market losses in the United States after hurricane Beryl comes from the Extreme Event Solutions group at Verisk, who put US onshore wind-only losses from the hurricane at between $2 billion and $3 billion.

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).

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 […]

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.