2023: A Year of Record-Breaking Rapid Hurricane Intensification in Multiple Basins (Insurance Journal)

2023: A Year of Record-Breaking Rapid Hurricane Intensification in Multiple Basins

Tuesday, December 19th, 2023 Catastrophe Insurance Industry Property Risk Management

2023 witnessed a remarkable hurricane season, marked by record-breaking rapid intensifications in both the Atlantic and Pacific Oceans. Hurricanes Lee, Idalia, and Franklin in the Atlantic, and Otis and Jova in the East Pacific, experienced extraordinary growth in intensity. Lee’s intensification by 86 mph in 24 hours was the third highest in Atlantic history, while Otis tied for second place in the East Pacific with a 104 mph increase in 24 hours.

Wesley Terwey from Verisk’s Extreme Event Solutions highlighted the uniqueness of 2023, with multiple storms in different basins reaching top spots in rapid intensification records. While rapid intensification, a 35 mph wind speed increase in 24 hours, is not uncommon, the frequency and scale seen in 2023 were notable. Factors such as low-wind shear environments and warm water temperatures typically facilitate this phenomenon.

Despite ongoing debates regarding the influence of climate change on rapid intensification, the intensity of storms like Lee, Jova, and Otis is undeniable. The Atlantic alone named 19 storms, including major hurricanes, with an above-average accumulated cyclone energy. The presence of El Nino, which usually reduces hurricane activity, did not significantly impact the 2023 season, likely due to warm sea surface temperatures.

The season’s impact was substantial, with hurricanes Otis and Idalia causing billions in insured losses in Mexico and the Southwest U.S. Although only a few rapidly intensifying hurricanes made landfall as major storms, their effects on the regions they hit were significant, emphasizing the need for continued attention to risk management and insurance industry readiness for such events.


External References & Further Reading
https://www.insurancejournal.com/news/national/2023/12/19/752610.htm
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