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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
 

 

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
North America United States Property

Latest articles on hurricanes

Alberto brings early start to 2018 Atlantic hurricane season
Normal to above-normal hurricane season expected
Model behaviour: learning the lessons from last year’s hurricanes
Focus: Technology and zoning key to coping with catastrophe risk concentration
​Mind the gap: understanding the wide range of HIM loss estimates
ID Comment: Beware red flags over Irma loss creep
Hurricane Harvey releases drive positive prior-year development in Q1
Hurricane losses underline marine market's fundamental weakness
Dominica’s PM: insurance critical to island’s future
CCRIF chief hails ‘excellent opportunity’ to cover Caribbean’s energy assets
ID Comment: Industry expertise can help protect lives and livelihoods
Insured losses in Florida from Hurricane Irma drop to $7.38bn
Cat bonds return 1.01% in past year
Hurricane clusters could bring losses in excess of $250bn
TSR forecasts below-average hurricane activity in 2018
Above-average probability for US major hurricane landfall in 2018
NFIP flood risk to be offloaded to cat bond market, FEMA confirms
Low residential take-up pushes down 2017 hurricane estimates
Lloyd's has 'no concerns' about HIM loss creep
Hurricane losses surprise market by creeping down
Insured losses from Hurricane Irma near $8bn mark in Florida
ID Comment: Hurricanes no barrier to Japanese growth abroad
Hurricane Maria: Slow recovery set to drive up restoration costs
ID Comment: What if Maria had cost $85bn?
Companies House: Cats, reserves and taxes dominate the US outlook
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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

 

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

 

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

 

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

North America Hurricane Season

Normal to above-normal hurricane season expected

The Atlantic hurricane season starts June 1
Hurricane Season

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

 

North America Property

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

Hurricane Season Resilience

​Mind the gap: understanding the wide range of HIM loss estimates

Last year hurricanes Harvey, Irma and Maria highlighted the divergence of catastrophe model loss estimates
North America Property

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

Markel Losses
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