Twelve Capital Event Update

icn-dark-hurricane23 October 2023

Hurricane situation

In the Atlantic, there have been two further named storms since our last update, namely Tropical Storm Sean and Hurricane Tammy. Tropical Storm Sean was a short-lived storm that formed off the west coast of Africa and weakened in the Atlantic without any impact. Hurricane Tammy also formed off the west coast of Africa, and continued to develop across the Atlantic, making landfall on the Caribbean Island of Barbuda as a Category 1 storm, causing minimal damage. Currently, Tammy is located 400km northeast of Puerto Rico and continuing to move northward, but there is heightened uncertainty of its forecast path, so we will continue to closely monitor the storm.

In the Eastern Pacific, Hurricane Lidia made landfall in Mexico on 10 October, as a Category 4 storm. The storm underwent rapid intensification just before making landfall, with wind speeds of more than 220km/h. Elsewhere in the Eastern Pacific we have seen Hurricane Norma, which made landfall in Mexico as a category 1 storm, and Tropical storm Otis which is currently located 500km of the coast of Mexico and expected to make landfall in the coming days.

We do not expect impacts to any positions from the events above as it currently stands, however Hurricane Lidia’s central pressure estimates will require monitoring, given the intensity of the storm.

Twelve Capital continues to closely monitor any catastrophe events and will issue specific updates on any relevant new major events that occur.