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INSURANCE MARKET UPDATE

Windstorm Update Q2 2021

01/07/2021 · Read time 3 minutes

The Atlantic hurricane season officially starts on June 1, although this year, Hurricane Ana started the season in May. The first two months of the hurricane season are typically quiet, with 82% of all named storms historically happening in August, September, and October, with the peak around mid-September.

All forecasters are predicting an above-average Atlantic hurricane season in 2021, citing the likely absence of El Niño as a primary factor. Average sea surface temperatures across the tropical Atlantic are near normal, while the subtropical Atlantic is much warmer than average. These conditions are thought to favor increased hurricane activity.

The chart below plots the 2021 forecasts from Tropical Storm Risk (TSR), the National Oceanic and Atmospheric Administration (NOAA), and Colorado State University (CSU). It also shows 10-year, as well as 71-year averages, which is to the beginning of the modern records.

The Energy & Power Newsletter

July 2021 Energy & Power Newsletter considering the insurance trends over the last quarter.

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“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”