The Wedge Group  Are U.S. Insurers Prepared for 2013 Hurricanes? 

It is that time of year that hurricane season has started.  Early forecasts for the 2013 U.S. hurricane season predict that the North Atlantic Basin is more likely to experience above-average hurricane frequency relative to long-term results, as a number of environmental forces appear positioned to produce above-average storm activity.

Pricing on U.S. hurricane-exposed property business has generally improved on the heels of losses experienced due to Superstorm Sandy and Hurricane Isaac in 2012, according to Fitch. The emergence of losses related to these events has been a catalyst for pricing increases in the primary U.S. property insurance market, specifically in regions and lines of business with significant catastrophe exposure. However, in the reinsurance space, catastrophe reinsurance pricing, particularly in the higher profile Florida market, continues to be dampened by an abundance of underwriting capacity and growing competition from alternative reinsurance products, Fitch said.

Information from: Insurance Journal.  Read more on this article at: http://www.insurancejournal.com/news/national/2013/06/07/294737.htm