September tropical cyclones cost the global economy more than $4 billion, according to the latest Aon Benfield Impact Forecasting report.
The Global Catastrophe Recap report revealed that hurricane Hermine was the first hurricane to make Florida landfall in more than 10 years.
Total economic losses were estimated over $800 million, while public and private insurers anticipated insured losses of around $400 million.
Adam Podlaha, global head of impact forecasting, said: “After more than a decade without a landfalling hurricane, Hermine has highlighted the potential risks faced by the state of Florida.”
Podlaha added: “The past 11 years have been unusually inactive for the state, but it was a matter of time before it was faced with a landfalling event given the state’s longer-term historical trends. With the general increase in coastal populations, event preparedness is paramount, and in this regard the insurance industry and catastrophe modellers are well positioned to help residents understand their exposures.”
Hermine was the first hurricane to strike the state of Florida since Hurricane Wilma in October 2005.
