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Munich Re projects fewer hurricanes in 2018

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Munich Re projects fewer hurricanes in 2018

Munich Re expects an average 2018 hurricane season with about three large hurricanes, compared to twice as many in 2017, the Financial Times reported. The hurricane season runs from June 1 to Nov. 30.

Subtropical Storm Alberto, the first named storm of the hurricane season, made landfall late Monday afternoon near Laguna Beach, Fla. It has since been downgraded to a subtropical depression. According to an 11 a.m. ET advisory by the National Hurricane Center, Alberto is expected to produce two to six inches of rain from Alabama northward into the southern Great Lakes and from north Florida into the southern Appalachians through Thursday. Isolated maximum storm totals of 12 inches are possible over the Florida Panhandle and Alabama.

Forecasters from the National Oceanic Atmospheric Administration are calling for near- to above-normal activity during the Atlantic hurricane season this year. The agency is calling for 10 to 16 named storms, and five to nine hurricanes. Of those, one to four could become major hurricanes at Category 3 strength or higher.

Munich Re executive board member Torsten Jeworrek told the newspaper that an expected lower number of hurricanes does not imply a lower financial burden for the global insurance sector.

In 2017, the global insurance industry faced $135 billion in losses from hurricanes, earthquakes and other natural disasters.