Gallagher Re is partnering with Colorado State University to study tropical cyclone risk trends, with the goal of advancing risk mitigation, adaptation and resilience.

Since 2000, tropical cyclones have caused the equivalent of £1.7bn in economic losses and £560bn in global insured losses. The US mainland alone accounted for 52% and 73% of those totals, respectively.

Senior research scientist at the university, Phil Klotzbach, said: “We are excited to partner with Gallagher Re to better understand both historical trends in tropical cyclone activity as well as projected future trends. Hurricanes are a large driver of both economic and insured losses and consequently improving our knowledge of this natural hazard will help us prepare for an uncertain future. This research is even more critical as we embark on what is likely to be a very busy 2024 Atlantic hurricane season.”

Steve Bowen, chief science officer, Gallagher Re, added: “As the financial and human costs continue to accelerate from the tropical cyclone peril, it has never been more imperative to advance the science and understanding of how these events are behaving. By recognising the evolving nature of tropical cyclone behaviour in conjunction with other socioeconomic factors, we must implement the latest scientific research into our decision making with near and long-term risk in mind. The insurance industry must take a leading role in communicating localised hazard risks to a global audience. Such a responsibility also requires a collaborative approach with various public and private sector entities. We are thrilled to partner with Colorado State University, which is home to world-renowned researchers in the atmospheric and ocean science space.”

CSU is the first academic institution to join Gallagher Re’s new Tropical Cyclone Consortium, a multi-year global consortium of partners that will together produce research on a range of tropical cyclone-based hazards (wind and water related) and their potential impact on property loss trends.

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