Hurricane

Tropical storm warnings remained in effect for a number of Caribbean islands on Friday (28 August), as forecasters monitored the possibility that Tropical Storm Erika would head towards Florida.

Hurricane Danny became the first Atlantic hurricane of the season this week, forming somewhat late in the season for the first hurricane.

Tampa and Miami are at greater risk than New Orleans of suffering a $15bn economic loss from storm surge, according to a study by RMS.

The Caribbean catastrophe insurance pool CCRIF offered its renewing members significant discounts on their policies for the 2015-2016 period as it also gave them the option of lowering the trigger level on hurricane policies.

The National Oceanic and Atmospheric Administration (NOAA) has revised down its outlook for hurricane activity this year, as it said a below-normal season was now overwhelmingly likely.

Aon Benfield's Tropical Storm Risk (TSR) has increased its forecast for the 2015 Atlantic hurricane season, predicting 11 named storms instead of 10.

Nephila is in the process of building a managing general agency (MGA) platform that will provide it with the infrastructure to expand its primary insurance portfolio, sister publication The Insurance Insider reported.

An update to AIR Worldwide's US hurricane model will lift its projection of industry losses from a 1-in-100 year US hurricane by 3 percent, sister publication The Insurance Insider reported.

Hurricane models have forged the way to express catastrophe risk in financial terms - but there are still many difficulties for investors attempting to analyse their exposures

Aggregate insured losses from severe weather and flooding in the US during June are expected to surpass $500mn, according to Aon Benfield's Impact Forecasting arm.

Florida's insurer of last resort, Citizens Property Insurance Corporation, has reduced its coastal account reinsurance spend by $2mn to $302mn for 2015/2016 even as it obtained 20 percent (or $637mn) more cover

Guy Carpenter has predicted a below average hurricane season for the Atlantic Basin this year, but warned that a quiet season does not guarantee safety from a catastrophic hurricane landfall.