According to a UK newspaper report, the Lloyd's of London insurance market has been warned by weather specialists that there is a significant risk that this year will bring another hugely costly summer of hurricanes.

The London Evening Standard newspaper reports that the Tropical Storm Risk consultancy has used data collated by University College London to predict that there is an 83% chance that the 2006 Atlantic hurricane season will be of above average intensity, while there remains a 76% chance that storm of the scale seen last year during hurricanes Rita and Katrina will hit the US shore.

The Standard reports that Lloyd’s is creating its own model for the forthcoming season, but admits that this year is again likely to see significant hurricane activity.