As projected, tropical storm Ian continued to intensify and has now been upgraded to a hurricane by the National Hurricane Center (NHC), with the model consensus showing a rapidly intensifying hurricane Ian reaching Category 3 or 4 strength as it heads towards the Florida Peninsula.

Insurance and reinsurance market participants will be watching closely as Governor Ron DeSantis declared a state of emergency on Saturday for the entire State of Florida, urging residents to prepare for a landfall.

Currently, hurricane Ian is a Category 1 storm with rapid intensifying expected as it heads towards western Cuba, with hurricane warnings issued for the Cuban provinces of Isla de Juventud, Pinar del Rio, and Artemisa, prompting the government to evacuate tourists amid fears of storm surges.

The NHC said that, ‘Life-threatening storm surge and hurricane-force winds are expected in portions of western Cuba beginning late Monday.’

After battering western Cuba as a Category 3 storm, models currently project hurricane Ian to track north into the Gulf of Mexico towards the Florida Peninsula, potentially intensifying to a Category 4 storm as it approaches the west coast.