It has been relatively quiet in the Atlantic over the last week. Tropical Depression Seventeen has formed, but is forecast to stay out at sea and is not expected to develop into a Hurricane.
In the Pacific, Typhoon Haishen passed through the Amami region of small islands near Kyushu in south-western Japan on Sunday. On Friday it was categorised as a Super typhoon with wind speeds equivalent to a very strong Category 4 Hurricane on the Saffir-Simpson scale. However by Sunday it had weakened to a Category 2 equivalent storm. It is currently a low-end Category 1 storm having made landfall in Ulsan, South Korea early Monday morning local time, and is forecast to weaken to a Tropical Storm in the next 24 hours as it tracks towards North Korea. While the event brought strong winds and heavy rains to Japan and South Korea and has left many homes without power, this event is not expected to have any significant impact on the ILS market.
Twelve continues to monitor the development of the California wildfire season, which has been active already this year. Whilst firefighters have been making good progress containing active fires, several more ignited over the weekend. CAL Fire advised that they are preparing for more fires, as they face forecasts of strong gusty winds and low humidity, which allow wildfires to develop more easily. Damage from the fires is not viewed to be at a level that would impact the ILS market currently, but Twelve Capital continues to monitor the situation as the season continues.
Specific updates on any relevant new major events that occur will be provided.