This manuscript discusses the challenges in detecting and attributing recently observed trends in the Atlantic tropical cyclone (TC) and the epistemic uncertainty we face in assessing future risk. We use synthetic storms downscaled from five CMIP5 models by the Columbia HAZard model (CHAZ), and directly simulated storms from high‐resolution climate models. We examine three aspects of recent TC activity: the upward trend and multi‐decadal oscillation of the annual frequency, the increase in storm wind intensity, and the decrease in forward speed. Some data sets suggest that these trends and oscillation are forced while others suggest that they can be explained by natural variability. Projections under warming climate scenarios also show a wide range of possibilities, especially for the annual frequencies, which increase or decrease depending on the choice of moisture variable used in the CHAZ model and on the choice of climate model. The uncertainties in the annual frequency lead to epistemic uncertainties in TC risk assessment. Here, we investigate the potential for reduction of these epistemic uncertainties through a statistical practice, namely likelihood analysis. We find that historical observations are more consistent with the simulations with increasing frequency than those with decreasing frequency, but we are not able to rule out the latter. We argue that the most rational way to treat epistemic uncertainty is to consider all outcomes contained in the results. In the context of risk assessment, since the results contain possible outcomes in which TC risk is increasing, this view implies that the risk is increasing.