Colorado State University (CSU) researchers recently provided updated projections for the 2023 Atlantic hurricane season (June 1 through Nov. 30), now expecting “above-average” tropical cyclone activity in the coming months. This article offers more information on the new forecast and outlines key takeaways for both businesses and individuals to keep in mind.
Forecast Updates
In their previous projections released on June 1, 2023, CSU researchers anticipated an average Atlantic hurricane season. Specifically, the earlier forecast included 15 named storms, with seven of these storms becoming hurricanes (winds of 74 mph or higher) and three becoming major hurricanes (winds of 111 mph or higher). In their updated projections released on July 6, 2023, CSU researchers are now expecting 18 named storms (including four that have already taken place this year), with nine of these storms becoming hurricanes and four becoming major hurricanes.
This new forecast exceeds the National Oceanic and Atmospheric Administration’s average of 14 named storms, seven hurricanes and three major hurricanes in a typical year. Furthermore, there is a 50% probability of a major hurricane making landfall along the coastlines of the continental United States this year, representing an increase from the long-period average (1880-2020) of 43%.
Key Takeaways
In light of these updated projections, insurance experts are encouraging businesses, homeowners and renters residing in hurricane-prone areas to take steps to adequately prepare for potential storms and minimize their risk of experiencing wind- and water-related property damage.
Apart from safeguarding properties, insurance experts are also calling for businesses and individuals located in high-risk areas to ensure they have sufficient coverage, including flood insurance, for losses stemming from hurricanes. Such coverage can be secured through private insurers or the Federal Emergency Management Agency’s National Flood Insurance Program. Businesses and individuals should consult trusted insurance professionals to discuss their particular coverage needs.
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