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The official start of the Atlantic hurricane season on Monday could signal more steep losses for insurers and reinsurers, already battered by the impact of the coronavirus pandemic on their underwriting and investment positions.

However, recent years of hefty damage from hurricanes and high claims due to the pandemic mean property rates at a key June 1 renewal date are expected to get pushed up by as much as 50%, providing an income boost.

Meteorologists are forecasting that the Atlantic 2020 hurricane season, which officially finishes on Nov. 30, will be above average.

“What we’ve seen over the past couple of years is an increase of (storm) losses from a frequency and severity perspective,” said Susan Fallon, Global Head of Property at Zurich Insurance Group.

“There’s an expectation we will see increased rates.”

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