Wednesday, October 6, 2010

Insurance: Risk Management Solutions Reviews 2010 Hurricane Season to Date/Breaks Down Likelihood of an October Hurricane

From Insurance Journal:
Risk Management Solutions reports that as of October 5, 2010, there are "exactly eight weeks left until the end of the official hurricane season, which runs from June 1 to November 30. To date, 14 named storms have developed, seven of which have become hurricanes, with five reaching major hurricane status (category 3 and above)."

Neena Saith, senior catastrophe response manager at RMS, pointed out that "based on the historical record since 1950, we typically expect one to two named storms to form in October, one of which would reach hurricane status.

"The last time an October hurricane made landfall in the U.S. was in 2005, when Hurricane Wilma, a category 5 storm, made landfall over Florida causing an excessive amount of damage and ranking among the five costliest hurricanes ever recorded in the Atlantic."

The current season has been a busy one. RMS noted that "since 1950, only two seasons (1995 and 2005) have had more named storms by this point (over 14 named storms by 5 Oct). These seasons went on to have 19 named storms (11 hurricanes and 5 major hurricanes) and 27 (15 hurricanes, 7 major) respectively."...MORE