Property/casualty insurers may well be relieved that the 2011 Atlantic Hurricane Season officially ended this week. This year, the season counted 19 tropical storms, 7 hurricanes, and 3 major hurricanes (Category 3 or above on the Saffir-Simpson Hurricane Wind Scale) resulting in insurance claims.
Despite the same total number of storms forming in 2011 as 2010, the total insured losses will be significantly higher than those seen in 2010, reports risk management solutions provider RMS, which estimates that total insured losses from the 2011 Atlantic Hurricane Season will be in the region of $5 billion. The majority of losses are driven by Hurricane Irene in the United States, which impacted a total of 14 states, with North Carolina, New Jersey and New York experiencing the majority of the losses.
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