Hurricane
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The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate. -
Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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With Hurricane Idalia’s landfall underway loss estimates are uncertain, but sources noted that the storm’s trajectory shows it taking the best path to impact minimal insured values in Florida.
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The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
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Hurricane Idalia will reach Jacksonville but will have weakened by then
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The Cat-4 storm is likely to weaken as it approaches the California coast.
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There has never been a named storm to form in the eastern tropical Atlantic this early in the season.
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The forecaster is predicting there could be as many as 14 hurricanes in the North Atlantic between June and November.
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The US National Oceanic and Atmospheric Administration (NOAA) has forecast “near-normal" hurricane activity in the Atlantic this year.
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