Preparing for an Active 2024 Hurricane Season (CLM)

Preparing for an Active 2024 Hurricane Season

Tuesday, June 11th, 2024 Catastrophe Insurance Industry Property Risk Management

The 2024 Atlantic hurricane season is predicted to be highly active, with multiple forecasters anticipating a significant increase in storm activity. AccuWeather forecasts 20 to 25 named storms, with eight to 12 becoming hurricanes and up to six potentially impacting the U.S. Colorado State University (CSU) predicts 23 named storms, 11 of which could become hurricanes, with five reaching major hurricane strength. These forecasts are driven by factors such as rising Atlantic ocean temperatures and a shift from El Niño to La Niña conditions.

Insurance industry experts emphasize the importance of preparedness, especially in states prone to hurricanes. Mark Friedlander from Triple-I highlights that insurers are financially equipped to handle the season’s challenges, with improvements noted in Florida’s insurance market. David J. Dybdahl of ARMR Specialty Holdings discusses the broader impacts of climate change, stressing the need for adaptable insurance rates to manage increasing losses.

Businesses and residents in hurricane-prone areas are encouraged to fortify their properties and invest in preventive measures to reduce potential damage. Collaboration between insurers, policymakers, and communities is crucial to enhance resilience and ensure a robust response to the anticipated active hurricane season.

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External References & Further Reading

Mid-America Catastrophe ServicesMid-America Catastrophe ServicesWeller SalvageU.S. Forensic

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