hurricane

South Carolina Wind Pool Will Keep Expansion While Shrinking Members Public

Despite premiums, policy counts and insured limits continuing to drop, the South Carolina Wind and Hail Underwriting Association (SCWHUA) will continue its almost decade long coastal property expansion, according to a regulatory order issued Thursday. Citing the possibility of “significant disruption in the coastal property insurance market,” South Carolina Department

Chris Westfall
hurricane

Parametric Insurance Proposal for Hawaii Hurricane Risk Members Public

In one of the first actions of the new year, Hawaiian lawmakers have proposed creating a parametric risk transfer facility that would move the state’s residual hurricane risk into the private market with insurance and reinsurance carriers. The bill, introduced last week by Senators Mike Gabbard and Russell E.

Chris Westfall
hurricane

Startups Withstood Matthew, But More Modeling Needed: Florida Regulators Members Public

Billions in new capital dedicated to Florida hurricane risk withstood its first real test during 2016 storm season, but startup insurers created as a result of the state’s “take out” privatization program will need to model more dire scenarios in order to understand their true risk, state officials said.

Chris Westfall
florida

CBO Models Hurricane Damage, Employs RMS Simulations Members Public

The Congressional Budget Office (CBO) released a report this week [https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51518-Hurricane-Damage.pdf] saying models it ran on hurricane damage in the United States point to an ever-increasing drain on the U.S. economy as climate change and coastal development mix to

Chris Westfall
hurricane

2015 Hurricane Season May Turn Into an Inactive Hurricane Era Members Public

Forecasts calling 2015 possibly one of the least active hurricane seasons of the 20th century may eventually lead to a call that the North Atlantic has entered a “inactive era,” a multidecadal cycle that would see the number of storms decrease. “If our forecast verifies this year, and we have

Chris Westfall
hurricane

Florida Catastrophe Fund Rejects Alternatives, Keeps Investments On Yield Leash Members Public

The commission responsible for overseeing Florida’s catastrophe pool has rejected a proposal to push the yield envelope on its $17 billion in assets at a Monday meeting. “There is a clear and present danger to paying a significant amount of claims in a relative short period of time,” said

Chris Westfall
florida

Year Long “Satellite Gap” Threatens Hurricane Model Data Members Public

Hurricane modelers and forecasters face an 11 month “satellite gap” that could compromise their work if plans to replace an aging orbiters continue to lag behind, according to a U.S. government report issued last week. Delays and potential cost spikes at the National Oceanic and Atmospheric Administration‘s (NOAA)

Chris Westfall
Catastrophe Models

Florida Relentless Hurricane Insurance Takeout Targets 79,000 Members Public

The ongoing depopulation of Citizens Property Insurance Corporation continued Tuesday with the approval by Florida’s insurance regulator to “takeout” over 79,000 residential and commercial property insurance policies. The Florida Office of Insurance Regulation approved the “removal” of up to 78,897 personal residential policies and 500 commercial residential

Chris Westfall
florida