tropical storm Hermine 2016

According to risk modelling firm RMS the insurance and reinsurance industry is not expected to face any more than $400m in industry losses as a result of hurricane Hermine’s recent landfall in Florida and the subsequent wind and coastal flooding caused by the storm.

Recent hurricane Hermine is not expected to pose any problems for the insurance, reinsurance and insurance-linked securities market, with insured losses expected to be relatively low and no chance of catastrophe bonds being exposed, according to Fitch Ratings.

Up to Friday evening hurricane Hermine is estimated to have caused an insurance and reinsurance industry loss approaching $500m, with economic loss approaching $1 billion, according to catastrophe risk management and modelling firm Karen Clark & Company (KCC).

Hurricane Hermine made landfall at around 01:30ET Florida Big Bend coast just east of St. Marks, Florida, near the Wakulla-Jefferson County line with sustained winds of 80mph and central pressure of 982mb. While that area took the brunt of the winds and storm surge, meteorologists forecast widespread impacts from Hermine into Labour Day as far […]

Potential losses from hurricane Hermine, which became a Category 1 hurricane and is heading for landfall tonight in northwest Florida, are expected to be manageable for insurance and reinsurance capital, according to analysis from analysts Keefe, Bruyette & Woods (KBW) and risk modelling firms.

Updated 15:00 ET: Invest 99L, or tropical depression 9, which we’ve been tracking for over a week reached tropical storm status and has just been upgraded to Hurricane Hermine by NOAA. The storm, which is tracking towards the Florida panhandle, is forecast to remain a hurricane until landfall, breaking Florida’s ten plus year hurricane drought.

All eyes in Florida and the Gulf Coast states will be on Invest 99L, a strong tropical low that is currently tracking west-north-west between Cuba and the Bahamas towards Florida, could develop into named tropical storm Hermine and which is forecast to pass into the Gulf of Mexico.