Above Average Hurricane Risk for October

If you thought hurricane season was over, think again. Colorado State University’s Tropical Meteorology Project team has warned that October will see well above average activity. The forecast calls for three named storms, one of which is expected to become a major hurricane (Category 3-4-5) as well as two hurricanes. An active October is in line with the well above-average activity that has occurred so far during the 2008 Atlantic hurricane season, the team noted. Bear in mind that even before this year’s hurricane season got underway, insured catastrophe losses as noted by ISO reached $10.3 billion during the first half of the year. This is higher than the 12-month totals for both 2006 and 2007, at $9.2 billion and $6.2 billion, respectively. Hurricane Ike – with an estimated insured loss of around $9.8 billion – is on track to become the fourth most costly hurricane in United States history and it was not the only major hurricane of the year. Hurricane Gustav caused $1.9 billion in insured losses, according to ISO’s PCS unit. The 2008 catastrophe loss bill for insurers is adding up. Check out I.I.I. facts and stats on catastrophes.  

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