Stay informed on emerging issues and trends in the insurance industry.
Predictions for this year’s hurricane season were considerably higher than in 2023 – forecasts projected 11 hurricanes, including five major hurricanes and 23 named storms. The season started off early, with Hurricane Beryl becoming the earliest category five hurricane to form in the Atlantic since 1920.
The cost to address damage done by SCS is now almost on par with primary perils like hurricanes and earthquakes. In 2023, these storms dominated global insured losses, surpassing $50B in losses within the U.S. alone and making up nearly 60% of all insured losses. The trend has continued in 2024.
