Hurricane

There has never been a named storm to form in the eastern tropical Atlantic this early in the season.

The broker said the risk from wildfire is also set to increase substantially.

The National Hurricane Centre said the Lesser Antilles, Puerto Rico and the Virgin Islands must be vigilant.

ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.

Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.

The bills place additional requirements on insurers in the state and expand consumer protections.

In its update, CSU now anticipates 14 named storms, seven hurricanes and three major hurricanes.

Some cedants paid more than 40% increases depending on Florida concentration and Hurricane Ian losses.

Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.

The forecaster is predicting 13 named storms, six hurricanes of which two are expected to be Category 3 or above.

This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.

This year’s program – sealed with a panel of 78 reinsurers – includes $875mn of multi-year ILS capacity providing diversifying collateralized reinsurance capital.