Rapid Intensification Hurricanes: Risk, Readiness, and Repercussions

The New York Times reporter, Michael Barbaro, interviewed Judson Jones this morning on “The Daily” regarding #hurricane threats, and their occurrences in the future. Judson highlighted how Tropical Storm Otis became one of the fastest strengthening #storms ever experienced, increasing to over a 100mph within 24 hours.?An excerpt from the NYT podcast stated, “Hurricane Otis exemplified a phenomenon that #meteorologist fear will become more and more common: a severe hurricane that arrives with little warning or time to prepare.”

Storms of this type will certainly impact #riskmanagement processes regarding preparedness, response, and recovery.?It goes without saying that these #incidents may negatively influence #insurance rates as well. The #commercial property marketplace, already under strain, has seen its fair share of increase in #premiums due to changing #climate and #naturaldisasters. Some industry observers have noted, many properties that should have flood coverage do not. According to the?Insurance Information Institute,?the U.S. is experiencing its costliest year ever in 2023 for severe convective storms, with insured losses from these events exceeding $50 billion dollars year to date.

*Hear more about Hurricane Otis?here.?https://lnkd.in/gfakWHNb

*Statistic from III by Michael Barry, New York Press Office.

#tropicalstormotis #hurricaneotis #hurricaneclaims #riskmanagement #insurance #insuranceclaims #storm #hurricane #news #newstoday #linkedinnews