Loss Control

Despite 10 of the 12 costliest storms for insurers occurring within the last decade, industry expertsstaring in the face of yet another predicted above-average hurricane seasonsay insurers are prepared.

NOAAs Climate Prediction Center predicts a 70 percent likelihood of 13 to 20 named storms in the Atlantic this hurricane season.

The National Resources Defense Council says private insurers are turning away from climate-change risks, sending an unmistakeable signal that such risks are increasing and that costs to society are climbing, but an insurance industry association disputed some of the figures used to arrive at that assumption.

As news reports question the lack of shelters in Oklahoma, insurance experts say that Tornado Alley residents are more prepared than ever to handle tornado damage.

Investors in niche financial bonds that cover insurers against huge natural disasters are on alert for future events that could force them to pay out after the powerful tornado that struck the U.S. on Monday, brokers and fund managers said.

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