Morning Briefing: Hurricane season to be near-normal say climate experts

Hurricane season to be near-normal say climate experts… Ohio bank acquires insurance agency… Security First Insurance launches industry first app… Global insurance firms make donation to Canadian Red Cross…

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Hurricane season to be near-normal say climate experts
Insurers may face a more challenging Atlantic hurricane season according to the experts at the US National Oceanic and Atmospheric Administration.

The agency’s Climate Prediction Center forecasts that the season, which began Wednesday, will be “near normal” with a 70 per cent likelihood of between 10 and 16 named storms with 4 to 8 becoming hurricanes.

However, there is a degree of uncertainty: “This is a more challenging hurricane season outlook than most because it’s difficult to determine whether there will be reinforcing or competing climate influences on tropical storm development,” said Gerry Bell, Ph.D., lead seasonal hurricane forecaster with NOAA’s Climate Prediction Center.

He went onto say that even if the season is ‘near normal’ that could mean an increase compared to the last 3 years as those seasons have been below the normal level.
 
Ohio bank acquires insurance agency
The Farmers National Bank of Canfield, the Ohio-based owner of Farmers National Insurance, has acquired Bowers Insurance Agency Inc.

Although Bowers is expected to continue to operate under its own name, it is likely to merge with Farmers National Insurance. The addition of the Bowers product range and team is a strategic move to enhance the range that Farmers offers.
 
Security First Insurance launches industry first app
In what’s claimed to be an industry first, Florida’s Security First Insurance has launched a free hurricane app. The interactive tool is available from the iTunes and Google play app stores and can track a storm relative to an exact address in real time.

"The foundation of our company culture rests on the tenet that Floridians deserve a reliable, customer-focused homeowners insurance company committed to protecting local families and homes.  This app is just one more way we can assist our community," said Security First’s CEO Werner Kruck.
 
Global insurance firms make donation to Canadian Red Cross
Some of the biggest global insurance firms have made a joint donation to the Canadian Red Cross to help those affected by the Alberta wildfires.

Lloyd’s Canada together with Tokio Marine Kiln, Aegis and QBE have donated C$47,500.

As well as the donation, Lloyd’s Canada president Sean Murphy said that the firm is working to process all claims as quickly as possible and continues to monitor the impact of the fires.  

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