A study of weather changes has found evidence that more frequent storms are part of an ongoing cycle of worldwide weather patterns.
Impact Forecasting, a wholly owned subsidiary of Chicago-based insurance broker Aon, released the findings after researching possible reasons for recent increased hurricane activity.
“It is clear that the increased frequency and severity of hurricanes consumes more economic capital than previously considered prudent,” said Bryon Ehrhart, chief executive officer of Aon Re Services, in a statement.
“Quantifying the change in insurer capital and reinsurance exposed to these increased loss and volatility expectations will help insurers sustain their capital position through this heightened risk period,” Mr. Ehrhart said.
Aon also released a complete report on all global catastrophes from 2005 that the insurance industry has dealt with, including typhoons, widespread flooding and devastating earthquakes.
The company's “2005 Global Climate and Catastrophe” report and the study, “Recent Atlantic Ocean Basin Hurricane Frequency Shift,” are online at www.aon.com.
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