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Hurricane Season 2017: Harvey, Irma and Maria
- The 2017 hurricane season saw three major hurricanes hit the US
- Hurricanes Harvey, Irma and Maria caused insured damage of $80bn to $100bn
- The storms will have a major impact on industry trends in 2018
Hurricane Maria: Slow recovery set to drive up restoration costs
Power outages, high humidity and struggle to get drying equipment onto Puerto Rico
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ID Comment: This year's hurricanes are changing the psychology of the market – not just rates
Latest articles on hurricanes
Hurricane Harvey: an unprecedented flood
- Harvey made landfall in Texas in August 2017 as a category 4 hurricane
- Record-breaking rainfall meant Harvey caused unprecented flooding
- Insured loss estimates are estimated at $30bn but could still rise
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Hurricane Harvey flood footprint 'greater than expected'
Uncertainty over industry loss continues amid warnings the recovery 'could take years'
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Fema files reinsurance claim to recover more than $1bn in NFIP losses
Hurricane Irma: Florida's record-breaking storm
- Hurricane Irma hit Florida in September 2017 and will potentially become the state's costliest storm
- Claims have been reported across the state as a result of Irma, which is expected to cost insurers $30bn or more
- Losses would likely have topped $100bn had Irma followed a track along Florida's Atlantic coast
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ID Comment: This year's hurricanes are changing the psychology of the market – not just rates
The perception of risk is changing and in the long term may be the most significant after-effect of the 2017 Atlantic hurricane season
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CCRIF: Providing liquidity in the aftermath of Hurricanes Irma and Maria
The Caribbean Catastrophe Risk Insurance Facility has paid out more than $50m to members during the 2017 hurricane season. Isaac Anthony, chief executive of CCRIF, talks to Insurance Day on the role the facility plays in the aftermath of disasters
Hurricane Maria: Devastation in Puerto Rico
- Hurricane Maria hit Puerto Rico as a category 4 hurricane causing major devastation
- A wide range of insured loss estimates are now converging around a $30bn damage bill
- Much of Puerto Rico remains without power months after the storm hit
Hurricane Maria: Slow recovery set to drive up restoration costs
Power outages, high humidity and struggle to get drying equipment onto Puerto Rico
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Hurricane Maria loss debate could take years to resolve
Modelled loss estimates for Maria remain far apart despite agreement the island's residential building stock likely performed fairly well
Market Impact
Companies House: Cat hit makes 2018 a crucial year for Lloyd's
The market is set to post a big loss for 2017 but has a struggle on to ensure it achieves vital rate rises next year
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Companies House: Market waits to gauge depth of reaction to cats
Conditions should pick up in the US property/casualty market next year but exactly how far the improvement extends remains to be seen
Latest From Hurricane Season
Alberto brings early start to 2018 Atlantic hurricane season
But colder sea-surface temperatures in tropical Atlantic temper expectations for season among some forecasters
Normal to above-normal hurricane season expected
Model behaviour: learning the lessons from last year’s hurricanes
The wide ranges in the modelled loss estimates for the devastating storms led to criticism from the re/insurance industry and have prompted calls for better catastrophe models
Focus: Technology and zoning key to coping with catastrophe risk concentration
Insurers and regulators must broaden their approach to mitigating the impact of natural catastrophe events if they are to avoid the potential for insured and economic losses larger than those suffered last year
Mind the gap: understanding the wide range of HIM loss estimates
ID Comment: Beware red flags over Irma loss creep
Deterioration in hurricanes loss reserves disclosed by some insurance-linked fund managers should worry the industry
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