Hurricane Isaias caused wind damage up the East Coast as the ninth named storm this hurricane season. | By Jay Dobkin/Wikimedia Commons
Catastrophe losses have been mounting before the peak hurricane season in what Kroll Bond Rating Agency called an “extremely active” forecasted Atlantic hurricane season.
Despite not making landfall in Florida and being fairly weak, insurers can expect Hurricane Isaias to have long-term implications for the insurance market, especially some small, regionally concentrated companies, Kroll told Business Wire.
Hurricane Hanna’s insured losses are expected to stay below $1 billion. Hurricane Isaias brought tropical storm force winds to the U.S. East Coast with damages accumulating.
Hurricane Hanna made the earliest landfall in Texas since 2008. These early named storms already helped catastrophe losses rise approximately 25% higher than a 10-year average, Kroll told Business Wire.
The Atlantic hurricane seasonal forecast got upgraded to extremely active over very active on Aug. 5 by the Colorado State University Tropical Meteorology Project team. The revised forecast anticipates 24 name storms.
“Hurricane Isaias is the earliest ninth storm on record,” CSU’s head research scientist Philip Klotzbach told KBRA.
The top costliest hurricanes happened in August to October, he said.
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