NEW YORK (
) -- Property and casualty insurers can breathe a sigh of relief now that the 2010 hurricane season has come to a close.
Insurers such as with
in the U.S. remained mostly unscathed during theb hurricane season.
Record warm waters and favorable winds aided by La Niña directed storms away from the U.S., according to
Colorado State University's Meteorology Department.
The center will put out their predictions for the 2011 hurricane season on December 8, 2010.
Despite the lack of losses, the National Oceanic and Atmospheric Administration (NOAA) says
There were 19 storms this year with 12 becoming hurricanes and five reaching a hurricane Category 3 or higher, the NOAA says.
A round up of all the
hurricanes' paths can be found here.
Since losses from hurricane damage this year have not been extensive for U.S. , P/C insurers are likely to make some stock repurchases, says Paul Newsome, Managing Director at Sandler O'Neill + Partners, L.P.
"This hurricane season in general has been pretty benign, but there were heavy cat losses outside of hurricanes last month and in the first and second quarters," Newsome said. "The main thing is there will be plenty of stock repurchases and we have already seen that with Allstate and
The light hurricane season does not mean insurers are exempt from other global catastrophes.
Worldwide economic losses from both natural and man-made catastrophes, including earthquakes, floods, storms and the BP Deepwater Horizon explosion totaled $222 billion in 2010, according to Swiss Re. The cost is over three times more than the 2009 figure of $63 billion. Overall, catastrophes will cost the insurance industry $36 billion, Swiss Re says.
--Written by Maria Woehr in New York.
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