Hurricane
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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Inver Re used data from the National Oceanic and Atmospheric Administration (NOAA) to model the impacts of global warming for a Category 1 hurricane making landfall in Florida.
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The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
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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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Higher rates and reserve releases connected to Hurricane Ian boosted results.
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The firm’s flood solution will be available to layer on top of existing parametric hurricane wind policies.
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Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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Frontier Advisors said sentiment continues to be challenged by performance.
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The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
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Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.
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The bonds had been heavily marked down initially.
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Hurricane Ian losses at United Insurance Holdings (UPC) Insurance have nearly reached the top of its personal lines reinsurance tower, company executives said on its earnings call.
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The sector’s performance was better overall compared with September 2017.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.
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A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
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The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
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The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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Buyers are more open than ever to different sources of capacity, but the timing of entry will not be on the industry’s terms.
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The state insurance body received reports of 375,293 claims as of 6 October.
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Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.
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The cat bond market has a high level of exposure to Florida wind risk.
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The Swiss ILS specialist pointed to potential impacts on Floodsmart, Florida indemnity and index-linked bonds.
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RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
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Most of the losses will come from wind damage, while storm surge and inland flooding could account for up to $6.5bn in total.
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Flagship sidecar funds run by Stone Ridge and Amundi Pioneer lost 12% and 5% respectively last week.
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KCC previously issued a $32.5bn number in a private client advisory based on Ian's Tuesday track.
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The modelling firm’s Thursday guidance based on prior hurricanes spanned $20bn-$88bn, compared to $12bn-$83bn the previous day.
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The market needs to improve on contract certainty to manage pricing cycles better, Rettino told Trading Risk New York 2022.
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Florida domestic insurers have around $2.5bn of on-risk cat bonds, with flood and other ILW based deals exposed to the storm.
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The state’s property carriers are closely watching the progress of Hurricane Ian.
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The dangerous storm is now projected to make landfall between Sarasota and Port Charlotte, Florida.
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Cat 4 Hurricane Charley made landfall on Florida’s west coast in 2004, while Tarpon Springs (1921) was the last major storm to hit Tampa.
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Models are now showing a hurricane coming ashore on the west coast of Florida near Fort Myers on Wednesday at 08:00 EDT with winds of 115 mph.
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Danielle doesn’t appear to threaten land, but a second storm is likely forming and could threaten the Caribbean and Florida.
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Tropical storms gain strength when passing over the deep warm current.
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The weather system has arisen early in the season when some insurers are still yet to renew reinsurance.
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The university’s predictions increase to 20 named storms, including 10 hurricanes, for the season that started on Wednesday.
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The broker noted, however, that at this time last year the consensus was also for a slightly above average season which turned out to be the third most active season ever.
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NOAA predicts there is a 65% chance of an above-normal season, a 25% chance of a near-normal season and a 10% chance of a below-normal season.
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Researchers forecast 18 named storms, nine hurricanes and four major hurricanes between June and November 2022.
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The issuance is seeking named storm cover in Florida, Georgia and South Carolina.
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The team of researchers predict there will be 19 named storms, of which nine will be hurricanes.
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The study says a more La Niña-like environment has driven the trend.
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While funding under a World Bank loan agreement is expected to flow, the 2019 cat bond protecting the nation was not expected to be at risk.
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The firm’s senior meteorologist noted activity was in line with expectations on major storms, if not all named storms.
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Nearly three months on, the event still seems heavily stacked towards residential claims.
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On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.
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The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.
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The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
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The modeller’s estimate is higher than BMS’s earlier $700mn figure.
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The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.
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The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
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Now crossing the Atlantic, Larry is expected to rapidly strengthen as it heads west.
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The storm has moved north across the US after making landfall in Louisiana at the weekend.
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The area of Laplace was the worst impacted on ICEYE’s list, with a total of 10,390 structures affected, 370 of which were in a high depth of water.
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The estimate includes damage to residential, commercial and industrial property and vehicles.
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The further losses edge into the $20bn range, the more the loss will shift to the retro market, but high uncertainty remains.
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Experts fear for survivors, who now face an intense heatwave and up to a month without electricity.
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Aggregate deals remain an exposure, but overall Ida should be a more readily digested loss than surprise disaster scenarios.
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Post-Covid demand surge is a particular focus and fear.
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Twelve Capital said that typically 70%-80% of aggregate cat bond deductibles remain after earlier loss events.
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Ida has weakened to a tropical storm after knocking out power to New Orleans and other coastal areas of Louisiana overnight.
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Pre-landfall livecat ILW interest was marked by a $15bn-$20bn split in buy/sell appetite.
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It is currently expected to make landfall on the Gulf Coast of Louisiana in the early hours of Monday morning.
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Platforms are the most at risk offshore energy asset, with 1,651 exposed to the current trajectory of Ida, while bulk carriers are the most exposed marine asset, with 100 currently exposed.
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Most of the damage occurred in Mexico as the country weathered an estimated $300mn of losses.
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The risk modeller said Henri’s weakening before landfall spared the northeast US from the damage originally forecast.
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Hurricane Henri is seen as a minimal event historically as the world braces for peak hurricane season, which begins on September 10.
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The hurricane made landfall near Tulum, registering a 986mb pressure reading.
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It is expected to hit Mexico’s east coast early on Thursday morning before moving on to the southwest Gulf early on Friday.
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NHC says the weather system is likely to threaten Florida by the weekend.
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The tropical Atlantic has not seen a single named storm from July 10 to August 9 for the third time since 1955, but experts warn that this does not mean hurricane season is slowing.
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Louisiana insurance department says claims for 2020 hurricanes rise 4% in second quarter; Hurricane Laura now 2nd most expensive.
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US landfalling activity is forecast to be slightly more above-norm than thought
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It was upgraded to a category one hurricane by the National Hurricane Centre last night before being downgraded in a public advisory at 2am (EDT).
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Tropical Storm Elsa picked up some strength as it passed over the Florida Keys Tuesday, raising the possibility it could become a hurricane again before slamming into the mainland.
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Elsa became the first hurricane of the season early on Friday as it slashed Barbados with winds gusting up to 86 mph.
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Elsa was churning northwest at about 28 mph, making it a relatively fast-moving storm.
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It said the current threat posed by Tropical Storm Elsa was an example of storms being more likely to hit America’s Eastern Seaboard this season.
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RMS model update points to ‘fairly large’ rise in hurricane losses for US Northeast and Mid-AtlanticThe RMS V21 model update for North Atlantic hurricane incorporated data from recent major loss years but overall annual average losses have only risen up to 10% across the US.
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The storm will begin to weaken later today, before being downgraded from a hurricane to a tropical storm sometime on Tuesday.
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The reinsurer’s analysis of 20 research groups’ predictions points to a busier season than usual.
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The storm system is expected to become Tropical Storm Claudette.
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Version 21.0 of the model will become available to clients on June 23.
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Named storm predictions held stable from the agency’s April update at 17, up from an average of 14.
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The agency projects four major hurricanes and anticipates overall activity around a third higher than long-term norms.
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The official US forecaster said it did not expect activity to reach last year’s historic peaks.
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The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.
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The catastrophe modeller made the estimate using a new climate change risk model.
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Claims from hurricanes Laura, Delta and Zeta had been estimated at $7.7bn as at the end of last year.
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The weather and nat cat analyst is expecting four major hurricanes this year.
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The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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The climate forecaster claims that the underlying assumption may be faulty.
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Hurricanes Laura, Delta and Zeta made landfall in the state during a record-breaking hurricane season.
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Last year’s season was “unprecedented” in terms of frequency, but not in terms of severity.
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The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.
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Storms tore through four states in January last year with hailstones up to 6cm in size.
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The uplift in insured losses would be much lower due to underinsurance for storm surge and flooding damage.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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Defence costs are expected to remain elevated, as weather losses have also weighed on results.
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A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.
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Claims arose from events including Hurricane Delta, Hurricane Zeta and Tropical Storm Eta.
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Aon’s Impact Forecasting put total insured losses across various events including Hurricane Eta at $1.2bn or more.
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The carrier’s annual catastrophe losses ticked up to $2.9bn in October.
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This third payment will be the largest yet received by Central American country.
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The storm, which made landfall with wind speeds of 155 mph, is expected to weaken by Wednesday.
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The storm becomes the 30th tropical cyclone to form in this year's Atlantic hurricane season.
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Its present track would see Iota become the third tropical storm to land in Nicaragua this month.
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A paper in the journal Nature argues that climate change is fuelling the problem.
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The storm caused flooding and storm surges along Florida’s Gulf Coast
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Purchasing the analytics firm will help Willis meet growing demand for climate change services.
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The storm struck a state park area around 135 miles north of Tampa.
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The storm is set to weaken to a tropical depression before making landfall.
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The last-resort carrier met its retention after Hurricane Laura, but expects over $128mn in total insured losses from the 2020 storm season.
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Forecasts show Eta affecting the southern tip of Florida as it turns in the Gulf of Mexico.
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The storm battered Central America as a hurricane last week, causing widespread damage and at least 57 deaths.
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Forecasters warned that the storm’s course remains relatively uncertain at this stage.
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The modelling firm anticipates up to $500mn of additional claims from offshore platforms, oil rigs and pipelines in the Gulf of Mexico.
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The fund’s loss estimates for the 2017 hurricane have climbed nearly $3bn in 18 months.
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The modelling companies issue lower ranges than KCC’s earlier $4.4bn forecast.
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Louisiana, Mississippi and Georgia are likely to bear the brunt of the insured losses.
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New Orleans officials warned more damage could be revealed on Thursday.
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The storm has also struck areas of Alabama still struggling to recover from Hurricane Sally after its Category 2 landfall in Louisiana yesterday.
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The storm is expected to gather speed before making a second landfall along the Mississippi coast.
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New Orleans may fall outside the strongest winds but the storm's possible track has drawn closer to the urban centre.
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The storm has gained strength after earlier forecasts put it at a Cat 1 landfall strike.
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The storm is predicted to hit “at or near” hurricane strength before continuing northwest.
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The calls will provide a barometer of claims activity on historic storms Irma and Michael as well as recent Hurricane Sally.
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Forecasts point to landfall on the Louisiana/Mississippi border, bringing rain and possible flash flooding.
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The storm is forecast to bring heavy rainfall and possible flash flooding when it arrives in the US early on Wednesday morning local time.
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The tally surpassed its $16mn retention, but this was the first hurricane of 2020 for which it pre-announced a loss.
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Mohit Pande says insurers’ models are failing to take into account the impact of Atlantic Multidecadal Oscillation on storm frequency.
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The risk modelling firm also says offshore energy losses from the storm are unlikely to exceed $1bn.
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Claims forecasts have so far fallen in line with loss expectations well below $5bn.
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Including offshore losses of up to $1.5bn, the firm's total loss estimate ranges from $0.8bn-$1.5bn.
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The modelling firm estimated $950mn would come from US losses, with $300mn in Mexico.
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Hurricane Delta looks set to be another mini hurricane loss, but one which may aggravate some existing trends.
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The storm has largely impacted small towns already suffering from Laura damage.
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Storm Delta may feel like a reprieve, but escaping storms gives no upside for investors.
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More than 90% of crude oil production remained offline as of Sunday.
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Early indications suggest another retained disaster loss for insurers.
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Slow weakening is expected before the storm delivers the Louisiana town of Cameron a second blow after Hurricane Laura.
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The new estimate sits in the middle of the range, following previous figures given by modellers
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The NHC emphasised uncertainty over the intensity outlook for the storm's Gulf Coast landfall.
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The storm is currently expected to make landfall as a Cat 2 hurricane.
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The storm hit near Puerto Morelos, between the larger resorts of Cancun and Playa del Carmen.
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The storm is equivalent to a Category 1 hurricane.
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Carrier has a cat event retention of $10mn for all perils under its reinsurance programme.
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States of emergency have been declared as far east at Florida.
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Violent waves and a storm surge of as much as 9-13 feet above normal tide levels will likely cause damage across the coastline.
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The storm is expected to strike the Cancun as a Category 4 storm later tonight.
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The storm is forecast to reach Mexico on Wednesday and hurricane warnings are in effect.
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The 25th named storm of the year may become the 10th named storm to impact the US this year.
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The National Flood Insurance Program is expected to take $400mn-$800mn of losses.
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In June, the company renewed its reinsurance program, holding the program’s retention for Florida events steady at $43mn.
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The carrier had topped up its cover earlier this month after Laura triggered recoveries.
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Rain and storm warnings are in effect for the provincial capital city of Halifax.
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The Canadian Hurricane Centre described Teddy as a “very large and powerful storm”.
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Sally buffeted cities and town as it moved across Alabama at speeds as low as 2 mph, the modeller said.
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The estimate excludes NFIP losses, offshore assets, and the potential impact of Covid-19.
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Both storms are expected to bring heavy rainfall, storm surges and strong winds.
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The storm is churning at Category 4 strength in the Atlantic and could impact Bermuda after Paulette's recent strike on the island.
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Reinsurers and investors on the program’s flood-related cat bonds are watching the situation closely.
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The event may be more evenly split between insurers and reinsurers due to its impact on Florida's border counties.
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The Pensacola Bay Bridge was recently rebuilt in a $430mn investment project.
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Major reinsurance carriers like Munich Re, Hannover Re and MS Amlin are significant providers to some of the state's regional carriers, analysis suggests.
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The storm is expected to move across southeastern Alabama before hitting central Georgia on Thursday.
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Life-threatening storm surge is already occurring along the coastline from Alabama to the Florida Panhandle, including Pensacola Bay and southern portions of Mobile Bay.
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The National Hurricane Center is warning of “historic, life-threatening” flash flooding.
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The storm is expected to cause “historic life-threatening” flash flooding, according to data from the National Hurricane Center.
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Forecasts show Sally swinging northeast on Tuesday before heading toward Mobile.
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Reports from operators suggest minimal damage to assets, most of which will be covered by retentions.
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On its current track the storm will bring 100 mph winds to the Gulf Coast late Tuesday.
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The storm has not intensified as much as feared, but hurricane warnings remain in effect for New Orleans.
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The NHC has put a hurricane warning in place for Lake Maurepas including the city suburbs.
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Still some way off Category 1 intensity, Paulette is expected to reach the Leeward Islands on Thursday night.
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The bulk of the payout – $7.2mn – relates to excess rainfall cover.
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The typhoon was far less destructive than early forecasts suggested, according to claims-adjusting firm Sedgwick.
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Typhoon follows similar track to Maysak, which made landfall in Busan yesterday.
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The Cat 4 storm has led to losses at oil refineries and chemical plants located in the western half of Louisiana, RMS noted.
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The National Hurricane Center has warned of storm surge and hurricane conditions in the country.
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The typhoon, which is expected to make landfall on the peninsula on Thursday, is being compared to the devastating Typhoon Maemi in 2003.
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The storm, which is heading for Belize, is also expected to bring “dangerous” surges, according to the NHC.
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Louisiana will account for the brunt of insured losses from the Category 4 hurricane, which made landfall last month.
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Uncertainty remains over energy sector and Covid-19 impact on loss adjusting and rebuilding.
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The storm is forecast to make landfall in the Korean peninsula within 36 hours.
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The Farm Bureau programmes feature strong Lloyd's participation, while depop carriers are ones to watch.
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As new PE inflows arrive in the sector, it remains to be seen how this will be matched on the ILS side.
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Last week, CoreLogic estimated that losses from the event could range between $8bn-$12bn.
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The risk modeling firm said damage caused in Antigua, Cuba, and the Dominican Republic would contribute about $200mn to the onshore claims count.
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Depop insurers will be closely watched.
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The storm produced a storm surge less severe than feared and has now been downgraded to a tropical depression.
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Early modelling data points towards a single-digit billion loss, but excludes energy and Covid-19 impact.
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On its current forecast trajectory, the storm will hit Little Rock, Arkansas, where it could cause flash flooding.
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The state insurer of last resort buys cover from a much lower-attaching level than its Texas peer.
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ILWs at the $10bn mark failed to clear, as auction participants suggested losses would not reach the trigger.
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The NHC reiterated its warning of “life-threatening” storm surge as the storm rapidly loses strength.
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AM Best warns the coronavirus pandemic will inflate the cost of claims arising from the strongest storm by far of this year’s hurricane season.
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Insured losses from past storms in Laura's vicinity range from $13bn to $24bn, inflation-adjusted.
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AM Best draws a comparison with $6.4bn Hurricane Rita as Laura’s strength approaches Cat 5.
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The hurricane is expected to track north-northwest and make landfall later tonight.
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Buyers and sellers are eyeing a 20% RoL, but contracts have yet to trade.
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Forecasters predict landfall around 100 miles to the east of Houston.
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Residential property with a reconstruction value of almost $90bn is at risk of storm surge, says CoreLogic.
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Shipping is currently heading away from the port of Houston for safer waters, according to live vessel location information.
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Buyers are looking to protect against a mid-sized loss, although trades are not believed to have taken place yet.
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The tropical storm – expected to be a hurricane when it hits the Gulf Coast – could have a different impact.
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The storm is due to impact the west coast on Thursday after hitting southern island Jeju today.
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The hurricane is forecast to make landfall on the Texas or Louisiana coast on Thursday.
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The storm is forecast to strengthen to Category 1 later today as predecessor Marco weakens before dissipating tomorrow.
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Marco is forecast to make landfall in Louisiana on Monday, with Laura hitting Texas by Thursday.
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The storm is predicted to hit the US Gulf of Mexico on Wednesday as a Category 2 storm.
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The storms will bring strong winds, storm surges and heavy rainfall.
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Storms could develop into hurricanes before striking the US, but long-range outlooks are uncertain.
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The now tropical storm is expected to move further out into the Pacific and become a tropical depression by tomorrow.
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Hurricane Isaias will be another retention loss for insurers, even at surprise $4bn insured loss estimates.
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The NHC warns of life-threatening flash floods and rip currents in Mexico.
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The Category 3 Pacific storm could cause flash flooding and mudslides in and around popular tourist areas.
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If Hurricane Katrina were to hit the US in 2020 privately insured losses could reach $65bn, up from $41bn 15 years ago.
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The Category 3 storm looks set to skirt the tourist city of Cabo San Lucas.
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The developing world specialist insurer is looking for input from ILS funds and reinsurers.
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Insurers need to “be ahead of the game” on rate increases, company officials told Trading Risk.
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Loss estimates outstrip early expectations.
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The company increased non-cat reserves by $26mn in the second quarter.
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Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
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The meteorological service has lifted its hurricane estimate from six to 10 to seven to 11.
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Tropical Storm Risk said this year could be a hyper-active season as it joined Colorado State University in lifting its outlook.
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Sources say initial modelled loss data converges on another sub-$1bn loss with wider variations than over earlier 2020 storms.
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The NHC has warned of heavy rainfall, storm surges and flooding as the storm moves northeast.
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Parts of South and North Carolina are under hurricane warning but the storm is expected to bypass the city of Charleston.
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Financial hub Shanghai has been placed on yellow alert.
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The storm is now expected to make landfall in the Carolinas late Monday.
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Isaias is currently a Cat 1 hurricane and is nearing Andros, the largest island in the Bahamas.
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The storm’s track has pulled further offshore, but uncertainty remains.
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The estimate includes privately insured wind and storm surge damage to homes, commercial properties and cars, but not NFIP losses.
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The storm remained offshore but lashed Kauai with rain.
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Rainfall in some areas could lead to flooding and landslides.
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Notices of legal action jumped 65% year on year to an all-time high in H1 2020.
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After rapid intensification ahead of landfall, Hanna hit southern Texas as a Category 1 hurricane.
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Barbados and St Vincent are under hurricane watch from Gonzalo while Tropical Storm Hanna will bring heavy rain to parts of the Texas coast.
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Barbados is on a hurricane watch.
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Assignment-of-benefit claims spiked in June from the prior month.
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Damage to property and automobiles stretches across five states, the agency said.
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The claims emanate from 14 weather events and amount to $12.8mn on an after-tax basis.
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The research team increased its estimate for named storms in 2020 from 19 to 20.
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The two-tranche deal will provide US storm and Canadian quake cover.
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An active hurricane season could further amplify RoL increases, the investment bank warns.
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Earlier this week, Guatemala received a $3.6mn payout for losses incurred from tropical storms Amanda and Cristobal.
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The insurer has raised its projected policy count by 20 percent.
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Florida Citizens received more than 500 new Irma claims each month up until April, which has slowed 30 percent from 2019.
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High Atlantic sea surface temperature is one driver of the forecast.
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Despite an active outlook for the season, weather patterns could protect the coastline, it said.
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The estimate for the third named storm of the season covers privately insured wind and storm surge damage.
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Avatar has increased the spreads on its new Casablanca Re bond just a week after hiking them by 16-18 percent.
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Surge warnings are in place, with the tropical storm forecast to move across Arkansas and Missouri.
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Cristobal could impact the Gulf Coast as a tropical storm late on Sunday.
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The university scientists now expect nine hurricanes, up from eight in their earlier forecast.
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The FHCF opted to “sit this renewal out”, according to sources.
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The US government agency said it expects between three and six major hurricanes in the Atlantic Basin this season.
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The cat bond is set to pay up to 125bps more than last year’s Alamo Re deal, which has a near-identical risk profile.
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Scientists said there is a 69 percent chance a Cat 3 or stronger storm will make US landfall this season.
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Some argue that what appears to be a stepping back by Japanese investors may just be a pause as investors switch managers.
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The association is planning to issue $200mn of Alamo Re II notes later this year.
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The modelling agency noted that an easing of the restrictions would reduce this percentage.
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The carrier has now exhausted its private reinsurance cover for 2017 storm Irma, with $1.3bn of public reinsurance cover remaining.
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The scheduled capital release next month stems largely from 2019 side pockets, the company said.
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The forecaster expects activity to be 5-10 percent higher than the past 10-year average.
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Insurers are increasingly turning to the state-backed reinsurer for capacity.
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The US mainland faces a 69 percent chance of at least one major hurricane making landfall in the upcoming storm season.
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The majority of losses hit the UK, Germany and Belgium, estimates show.
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The ICA has increased its estimate for the January hailstorm total losses to A$1.2bn.
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Pricing has moved to the top of the guidance range, sources said.
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The firm's K sidecar avoided major Dorian claims, as the firm also grew its whole-account covers.
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Insurers are facing estimated losses of £363mn ($473.7mn) from storms Dennis and Ciara, which caused widespread damage in the UK during February.
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The losses include those of the parent company as well as Monarch National Insurance Company.
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First-event cover and the level of per-event deductibles in aggregate typhoon deals are being re-examined.
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Scor posted a fourth-quarter operating loss of EUR29mn ($31.7mn) for its P&C unit, which was almost two thirds down on the prior-year quarter’s loss.
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The carrier said it has already secured two-thirds of the private reinsurance limit it will place this year.
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The insurer lifted the attachment on an aggregate portion of its group reinsurance treaty, which was otherwise unchanged after its restructure for 2019.
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The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
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The manager said Irma deterioration pushed its 2017 loss out by 1 percent, taking it to 65.9 percent.
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The cat bond covers hurricane and extreme mortality risks, according to sources.
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The topsy-turvy nature of the past few years for the ILS market is apparent when you look at our half-yearly surveys of assets under management.
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Opportunities are likely to open up for blue-collar schemes as reinsurers participating in swaps seek to diversify, according to Willis Towers Watson.
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The (re)insurer faced increased losses from Hurricane Irma alongside Typhoon Hagibis and wildfire claims.
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Cat bond fund returns rebounded in 2019, with widely divergent experience among ILS funds investing in private instruments.
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The reinsurer pegged 2019 cat losses at $52bn, in line with long-term averages but 40 percent lower than 2018.
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The loss tally includes a $7bn loss estimate for Typhoon Faxai and $8bn for Typhoon Hagibis.
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The Colorado State University experts had previously questioned whether an active period which began in 1995 had ended.
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Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
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Varying levels of Japanese exposure led to a wide range in individual fund returns.
-
The typhoon is expected to reach Category 3 status by Tuesday local time, but the ILS cover is geared towards payouts for even stronger events.
-
It used to be called “diworsification” – a phrase coined by Dowling analysts that took hold and became the industry's standard jargon for low-priced international catastrophe risk back around 2011.
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Nippon Steel is expecting to cede an 8bn yen property loss to the commercial (re)insurance market.
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Axis said the range was consistent with expectations that it would take on less than 1 percent of industry-wide claims from the catastrophe.
-
The General Insurance Association of Japan also announced 235,225 claims have been paid out for Typhoon Hagibis.
-
A long-running inquiry is looking at proposals to set up a public cyclone reinsurance scheme to mitigate affordability concerns.
-
Incurred losses from Hurricane Michael have risen another 4 percent to reach $7.4bn, according to the Florida Office of Insurance Regulation.
-
Hurricane Dorian and Typhoon Faxai losses have hit (re)insurers following a relatively benign first half of the year for catastrophe activity.
-
The Floridian insurer also increased its Hurricane Michael loss to $32.5mn in the quarter.
-
News of adverse development from the two Floridians may point to a market-wide issue.
-
The firm's reinsurance CEO John Doucette said the firm saw “select opportunities” to grow its retro book.
-
According to the Insurance Council of Texas, the outbreak on 20 October is the costliest tornado loss in the state’s history.
-
Scor Global P&C CEO Jean-Paul Conoscente said the reinsurer’s main retro programme is expected to be placed within a fortnight.
-
The firm is the first risk modeller to issue an official estimate after the typhoon made landfall in Japan on 12 October.
-
The Japan Meteorological Agency has warned of heaving rain and flooding across several coastal prefectures, but the threat to Tokyo has diminished.
-
A stronger storm, Typhoon Bualoi, is forecast to pass to the east of the country.
-
Tropical Storm Nestor made landfall at the St Vincent nature reserve off Florida's northern Gulf Coast on Saturday afternoon.
-
The investment manager, which is currently in run-off, is also monitoring the impact of Typhoon Hagibis.
-
AIG had $550mn of cover for Japanese losses, analysts at Credit Suisse noted.
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The Bermudian reinsurer expects to pay out about $100mn in losses from Faxai and about $55mn for Dorian claims.
-
Hurricane Michael has produced 149,448 claims, according to the Florida Office of Insurance Regulation.
-
The provider said the losses were driven by the impact of Hurricane Dorian and Japanese typhoons.
-
This year is on track to be above average, according to the risk modelling firm.
-
Meanwhile, insured losses from Typhoon Faxai will approach $5bn, according to the September Global Catastrophe Recap.
-
Two Rugby World Cup matches scheduled to be played in Japan on Saturday have been cancelled.
-
The carrier is among the first P&C insurers to release anticipated loss numbers ahead of the third-quarter earnings season.
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Severe, unpredictable weather is becoming more frequent, said the Insurance Bureau of Canada’s Amanda Dean.
-
The typhoon is forecast to become a super typhoon with minimum 150 mph winds in the next 24 hours.
-
The Category 1 hurricane is set to weaken after passing close to the Azores.
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Typhoon Faxai losses are unlikely to have a significant impact on the ILS markets, based on current industry estimates.
-
ILS investors are unlikely to foot much of the bill from Hurricane Dorian due to the market’s low exposure to Caribbean business, according to sources.
-
The facility had originally estimated that it would pay out $10.9mn.
-
The carrier’s Irma bill has now topped $2bn.
-
A tropical storm warning remains in place with wind and rain forecast to affect the island in the middle of the week.
-
The hurricane is forecast to have weakened to a Category 1 storm by the time it could approach the island at the start of next week.
-
Non-life insurers in Japan are anticipating a 300bn yen ($2.8bn) loss from Typhoon Faxai, the chairman of the General Insurance Association of Japan has said.
-
MS&AD noted that losses could yet increase and highlighted its access to reinsurance coverage.
-
According to reports, the island was spared the worst of the storm but has suffered power cuts.
-
The storm is expected to track approximately 100 miles north of the island with hurricane conditions expected in Bermuda on Wednesday night and Thursday morning, the NHC said.
-
The NHC has reported that the hurricane may approach the island as a Category 2 storm.
-
The firm’s estimate points to a higher top-of-the-range loss than early market forecasts of between $1.5bn and $5bn.
-
The Catco Reinsurance Opportunities Fund grew again in August, continuing the trend of growth every month in 2019.
-
Earlier this week the agency forecast Dorian losses to cost between $3.5bn and $6.5bn in the Caribbean.
-
Modelled average annual loss is less than a quarter of the economic estimate, meaning more needs to be done to close the protection gap, the modeller said.
-
Estimates of insured losses from Faxai are at around $3bn but sources were cautious given Jebi was initially put at the same level but became a $15bn-plus loss.
-
Most losses will come from the Bahamas which are likely to account for just over $3.6bn of losses, the modeller said.
-
The vast majority of the losses will come from Grand Bahama and Abaco, the risk modelling firm said.
-
Nationwide, USAA and Allstate are other national carriers with significant property catastrophe market shares in the states.
-
The parametric cyclone policy covered the Abaco Islands and Grand Bahama.
-
The CEO was speaking as Aon launched a new auction platform in Monte Carlo.
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The typhoon is forecast to make landfall over the eastern outskirts of the Chiba prefecture, southeast of Tokyo, with windspeeds equivalent to a Cat 3 hurricane.
-
Karen Clark & Company said Bahamian losses from Hurricane Dorian will reach $7bn including both insured and uninsured damages.
-
The hurricane is forecast to become a post-tropical cyclone with hurricane-force winds as it approaches Nova Scotia late on Saturday.
-
Flooding from storm surge remains a risk for the Carolinas.
-
The storm’s track was not a worse-case scenario for the islands as it avoided New Providence.
-
Hurricane data provider Tropical Storm Risk predicts there is an 85 percent chance of the US mainland being hit by Category 1 hurricane conditions in the next 21 hours.
-
Both North and South Carolina remain within the cone of probability for Dorian’s track but landfall is not projected.
-
Hurricane-force winds now extend outward up to 60 miles from the centre, up from 45 miles yesterday.
-
The storm had been sitting over Grand Bahama but is now expected to skirt Florida’s east coast later today.
-
Devastating winds and storm surge will continue to affect the northern Bahamas for several more hours, the National Hurricane Center said.
-
Previous Category 3-4 storms passing near Grand Bahama and Abaco caused up to $1.3bn of damage in today’s prices, according to the modelling agency.
-
The NHC has warned that the hurricane will move “dangerously close” to the coasts of Florida, Georgia and South Carolina in the coming days.
-
The tone of discussions when the hurricane had a projected Florida landfall highlights the precarious nature of the reinsurance market’s current stability.
-
Trading Risk looks at the dominant themes that the ILS market will be discussing at the 63rd Monte Carlo Reinsurance Rendez-Vous in September.
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The cat bond pricing index only dropped by 0.78 percent last Friday when Hurricane Dorian was forecast to be a Florida hit.
-
The hurricane battered the Bahamas on Sunday but is now not predicted to make landfall in the US.
-
Hurricane Dorian has reached Category 5 status as it batters the Bahamas.
-
A day ago, cover that attached at $40bn was being offered at 15 percent rate on line.
-
Landfall is now expected further south than before, near the wealthy area of West Palm Beach
-
The reinsurer said that Hurricane Dorian could cause “considerable flooding”, which could impact the National Flood Insurance Program.
-
The five Florida landfalls of hurricanes similar to Hurricane Dorian include Hurricane Jeanne in 2004, the modelling agency said.
-
The historical median is considerably higher than for past Cat 3 Florida storms, with Irma a recent example.
-
The Bahamas are likely to be struck by the storm this weekend.
-
Discussions are now being held around ILWs triggering at $30bn or $40bn.
-
There is a 10 percent chance of the storm coming within 50 miles of Miami, according to the modelling agency.
-
The storm looks set to clip southern Georgia after making landfall in Florida on Monday.
-
Historical parallels including Jeanne have caused a huge range of economic losses.
-
A “hiccup” in the storm’s structure means it is now tracking more slowly towards Florida, according to the NHC.
-
The hurricane is forecast to approach Florida as a major storm on Sunday evening.
-
The National Hurricane Center previously placed Dorian as a Cat 1 or 2 event.
-
Tropical Storm Dorian is due to hit Puerto Rico later today.
-
The threat to the Bahamas and east coast of Florida has increased, according to the NHC.
-
Dorian is forecast to be near hurricane strength when it moves close to Puerto Rico and eastern Hispaniola on Wednesday night and Thursday.
-
The storm is predicted to become a hurricane in the next 48 hours as it approaches Puerto Rico and eastern Hispaniola.
-
The reinsurance and ILS markets have spent two years talking about losses, but perhaps more focus on the good years would help reduce some of the noise in the bad years.
-
The reinsurer helped Fermat to write $100mn for the Florida state reinsurer’s 2019 cover.
-
The agency maintained its prediction of eight hurricanes but increased the number making landfall in the US to two and in Florida to one.
-
The fund now has £159.4mn allocated to ILS through Leadenhall Capital Partners.
-
Impact Forecasting said the rare tornado damaged more than 300 properties.
-
The typhoon was the strongest storm to hit the Chinese province of Zhejiang since 2015.
-
The Oregon Public Employees fund held $119.3mn in two Nephila funds at year end 2018.
-
The storm killed 44 people, according to reports.
-
The agency has raised its forecast number of named storms to between 10 and 17, up by one to two events.
-
CFO Vogel says he sees no further net impact from the Japanese event after first-half loss creep.
-
Tropical Storm Risk predicts 13 instead of 12 named storms due to a change in trade wind speeds.
-
The reinsurer released EUR360mn of reserves during the quarter.
-
Two major hurricanes are expected this season while the forecast for hurricanes has increased from six to seven to account for Barry.
-
Its parent career restarted writing business in Q2, assuming $1.1mn of premiums.
-
The insurer has “several hundred million” of private reinsurance limit remaining.
-
Industry leaders have lifted the expected total loss to a new high.
-
CEO John Forney said it was a “tough quarter” for the business.
-
The Floridian insurer also transferred $2.9mn of tornado losses to reinsurers in the quarter.
-
The French reinsurer put the industry loss from the typhoon at $12bn-$15bn as it stated it is covered up to a $22bn market hit.
-
The rate of increase has slowed since the start of the year.
-
The seventh issuance this year takes the annual total to $134.08mn.
-
Agencies expect up to $250mn of claims to be covered by public insurance.
-
The $300mn to $600mn range excludes NFIP claims.
-
Around half this total would be borne by the National Flood Insurance Program.
-
The estimate includes privately insured wind and storm surge damage but not public flood insurance losses.
-
The carrier said the ILS business was finding opportunities in the retro market where reduced capacity has “significantly improved rates”.
-
The US National Hurricane Center warned that the slow-moving storm will pose a heavy rainfall threat to the central Gulf Coast.
-
The reinsurer’s $150mn Atlas IX Capital 2015-1 cat bond has partially triggered following an accumulation of PCS losses, sources said.
-
Early range outlooks suggest a possible Category 1 landfall impact in Louisiana.
-
Persistent US thunderstorms also prompt another month of billion-dollar-plus economic damage.
-
Barry could go on to produce storm surge and tropical storm or hurricane force winds across parts of Louisiana, Mississippi and upper Texas coasts, the NHC said.
-
The Colorado State outlook remains stable despite a change in the odds of a weak El Niño continuing into peak summer months.
-
It is more efficient for ILS managers and cedants to be able to give collateral clawbacks, the Credit Suisse ILS head has argued.
-
Rates are said to be easing following the mid-year Floridian renewals.
-
Reinsurers that have been reliant on retro cover also pared back their market share, as the broker said mid-year renewals showed tangible pricing momentum.
-
The bond has placed at the lower end of pricing guidance.
-
The legislation increases loss adjustment expenses reimbursement from 5 percent to 10 percent.
-
The Toronto-based firm had already been collaborating with Perils for the past two years.
-
The reinsurer is looking to pay more rate to secure retro cover in a tightening market.
-
Timing is everything and, for the reinsurance market, this is especially true when it comes to losses.
-
The total is 7.8 percent more than Perils’ EUR740mn first estimate on 18 April.
-
The Eurekahedge ILS Advisers Index dropped by 0.7 percent during the month.
-
The insurer placed less coastal aggregate cover than originally planned.
-
A total of 857,284 claims have now been received for the typhoon event, according to the General Insurance Association of Japan.
-
The total of insurance claims is up from the $6.1bn recorded in March, according to the Florida Office of Insurance Regulation.
-
The Colorado State University meteorologists are now predicting an average storm season, revising their earlier expectation for slightly below normal activity.
-
-
The hurricanes hitting the region could be “much stronger” according to the researchers.
-
The fund has projected a $1.9bn deficit against potential obligations.
-
Up to 60 tornadoes struck eight midwestern states on Monday, NOAA has reported.
-
2020 Japanese prices likely to rise as typhoon loss set to double.
-
The agency forecast slightly more storm activity than predicted by other meteorologists.
-
New disclosure on the ILS manager shows AIG made a Q1 profit on its allocation to AlphaCat funds after a Q4 loss.
-
The subtropical storm is not expected to pose a threat to land, the NHC said.
-
In April, TSR reiterated its early prediction that North Atlantic hurricane activity will be slightly below the long-term norm.
-
The transaction’s target price is up on a similar tranche of American Integrity’s cat bond last year.
-
The insurer has increased its ultimate net loss for the 2017 storm by 7 percent.
-
The ILS fund manager said the rationale behind model updates will be followed closely.
-
The reinsurer’s Corporate Solutions division posted a $55mn loss for the period.
-
Arch’s reinsurance underwriting income for the first quarter of this year plummeted by 61.9 percent to $20.9mn.
-
The insurer’s P&C combined ratio deteriorates to 94.6 percent.
-
The Gulf of Mexico may see increased storm activity, according to specialists.
-
The update means Michael is the first hurricane to make landfall in the US since Andrew in 1992.
-
Severe weather is forecast for parts of Texas, Oklahoma and Kansas on Wednesday.
-
‘Stalling storms’ are not new, but they may lead to more risk due to increased exposure in coastal areas, TigerRisk said.
-
Aon said the latest storm could lead to combined economic and insured losses of $100mn.
-
ILS investors were more frustrated by extended loss creep last year than by the overall hit, according to Michael Knecht of Siglo Capital Advisors.
-
ILS managers are upping the pressure on Florida reinsurance buyers to change terms and conditions or retain more risk as 1 June renewal negotiations continue.
-
-
The Senate proposal would push the state reinsurance scheme to lift its cap on covering loss adjustment expenses.
-
The agency predicted five hurricanes, including two major storms, will hit this season.
-
Colorado State University scientists predict 13 tropical storms in 2019.
-
The Credit Suisse-backed managing general agent took a £6.6mn loss in 2018, down from £7.7mn the year before.
-
Syndicate 2357 had escaped a reinsurance loss in 2017 but the segment fell to an $84.2mn loss in 2018.
-
The government intends to develop a policy for financing of natural disaster risk which could include cat bonds.
-
The Florida state insurer confirmed plans to add $200mn of personal lines reinsurance cover to its overall programme.
-
Weatherbell forecast 0 to 2 major hurricanes this year.
-
The reported estimates from insurers have increased by up to 140 percent since Q3 2017.
-
The deal would be the US agency’s second.
-
Warm winter sun might have helped Miami’s case for bringing ILS folks to the city for one of its annual conferences a couple of weeks ago.
-
The storm, which raced across Germany yesterday, had wind speeds of more than 100km/h.
-
The reinsurance industry spends a lot of time obsessing about risk modelling, but arguably its efforts to pin down ever more precise estimates of expected losses are let down by a 20th century approach to data handling.
-
The insurer kept its participation in the state reinsurance scheme stable at 45 percent.
-
Heritage, UPC and Florida Peninsula are among the major carriers to request more cover from the state reinsurance scheme.
-
Oxfam aims to scale up the scheme, attracting insurance backing and investors, if the pilot is successful.
-
The Florida-based insurer reported a $15mn cat loss for the full year.
-
The insurer posted a net loss of $9.3mn for Q4 2018.
-
The ratings company said Floridian insurer ratings would be under threat from hardening property catastrophe rates.
-
In a note to investors Matt Carletti ranked catastrophe aggregate programmes as being set to see the largest price rises.
-
The 2018 season was above average and produced a total of 15 named storms, the modelling agency said.
-
This is more than twice the level that some were projecting in September.
-
This was up from the $623mn figure reported in its Q2 2018 results.
-
The firm said its maximum no-loss return was 30 percent, up from 23 percent in 2018.
-
The bond’s spread was confirmed at 4.25 percent, at the top end of estimates.
-
Florida Specialty, which has ceded 100 percent of its risk to Sirus America Insurance Company, was among those affirmed.
-
The target coupon on the deal has moved to the upper end of forecasts.
-
The insurer also dropped attachment points on its covers after cutting back its gross limits.
-
Florida insurers can benefit from outsourcing risk to reinsurers, but their ability to absorb excess losses from major hurricanes is a risk factor.
-
-
A diverse loss year produced steeper wildfire and typhoon losses than initially estimated.
-
Hopes for significant rate increases are building.
-
Leveraging data can make risk more transparent for investors, said Ledger’s CEO Samir Shah.
-
The increase represents a 4 percent deterioration to its 2017 annual loss, pushing it out to 61 percent.
-
Hurricane Michael generated a larger loss for the carrier than 2017’s Irma.
-
The fund incurred most of its losses in the fourth quarter.
-
The cat bond is the first since 2013 for the state wind pool.
-
In the US, renewal results varied widely and wildfire losses were a subject of focus.
-
The final couple of months of 2018 brought further pain for sidecar investors.
-
A decrease in capacity following last year’s losses is thought to be one of the largest drivers of the rate increase.
-
The crucial thing for the industry now is that the nuances of the lessons from 2017-2018 are heard.
-
Cat bond investors have varying rights to share in subrogation benefits, as it has emerged following the Californian wildfires of 2017-2018.
-
The New York-listed company said in December it expected $17mn catastrophe losses in its Q4 results.
-
Friederike, a compact and fast-moving extratropical cyclone, struck four countries in January last year.
-
The Florida Office of Insurance Regulation has now tracked more than $5bn of Hurricane Michael claims.
-
The updated $110mn to $130mn estimate is more than double the prior projected Q4 loss ahead of the wildfires.
-
The fund begins reimbursing insurers after industry losses have reached around $7.3bn.
-
The Florida-based carrier renewed aggregate reinsurance covering non-hurricane losses, including a $30mn single-provider deal and a larger $85mn programme.
-
Looking ahead to the rest of the year and 2020, how likely is it that the industry will hold to its resolutions?
-
The Florida-based insurer added around $80mn to its Irma loss estimate.
-
Quota share and aggregate retro remain the most disrupted pockets of the market ahead of the January renewals, as underlying reinsurance looks flatter.
-
Last year’s feast has repeated on the market as Irma losses deteriorated, while fresh wildfires have caught out those who loaded up on liability exposure.
-
Regulators are currently investigating the beleaguered retro manager’s loss reserving.
-
Eden Re provided $300mn of retro support for Munich Re in 2018 across a couple of debt issuances.
-
The insurer said the range is consistent with industry insured losses of up to $20bn from the recent blazes.
-
Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.
-
News of the steep C share loss follows the revelation of regulatory probes in the US and Bermuda.
-
The reinsurer’s Sigma report says just over half of economic losses were insured, as in 2017.
-
Tropical Storm Risk has projected 12 tropical storms, five hurricanes and two major hurricanes for the 2019 storm season.
-
January 2018 opened the year of the “great reload” for ILS managers.
-
The reinsurer said cyclone losses were above average with global insured losses at $25bn.
-
The total of Hurricane Michael claims filed with Floridian insurers through to 30 November has reached $4.01bn, the Florida Office of Insurance Regulation said.
-
October represented the fourth monthly loss registered in 2018 on the Eurekahedge ILS Advisers index.
-
The manager also said the spread-widening associated with Florence and Michael had a dampening effect on cat bond performance.
-
The losses will not trigger its FHCF or reinsurance protection.
-
The retro manager also warned 2018 wildfire losses could exceed those of last year.
-
MS&AD will recover more than half its gross 2018 typhoon losses from reinsurers.
-
The latest reports from the Florida regulator put Ira claims over $11bn and Michael claims at almost $3bn.
-
The bond will provide the insurer with US multi-peril protection on an indemnity per occurrence basis.
-
The initial estimate suggests an ultimate outcome broadly in line with market expectations.
-
Oxbridge Re licensed its Oxbridge Re NS sidecar in the Cayman Islands in June.
-
The Italian insurer also plans to renew its Azzurro Re I cat bond next year.
-
The uptick is the result of more cat bond holders looking to sell, sources said.
-
New Paradigm said it will use the proceeds to expand its proprietary parametric data platform and expand its support teams.
-
Reinsurance market sources expected Hurricane Michael to cause insured industry losses of $10bn, but the limited number of public loss estimates released to date suggest Florida insurers are hoping it will remain below this level.
-
The October storm is likely to result in economic losses of $15bn.
-
HCI Group's gross losses from Hurricane Irma have stayed stable in the third quarter.
-
It will take an additional EUR350mn in Q4 from Trami and Michael.
-
The firm warned that it expected continuing industry adverse development into 2019.
-
The insurer said it had no issue with “gaps” in its prior-year reinsurance cover for Irma.
-
Its year-to-date result from the Bermudian ILS platform has produced a $1.2mn profit.
-
The Florida insurer said it had no concerns about collateral availability to meet Irma claims.
-
The insurer’s Irma losses have risen by a further 25 percent to $754mn.
-
The reinsurer reported a net profit of $634mn for its P&C division for the nine months to 30 September.
-
RenaissanceRe also revealed that it expects its Hurricane Michael losses to be as much as $100mn.
-
Continuing cat losses and dislocation at Lloyd’s should support reinsurance renewal rates, the reinsurer suggested.
-
Some 5 percent of the total claims filed to date were lodged in counties beyond the 15 closest to Michael’s strike.
-
The storm weakened to a tropical depression early Wednesday, with sustained winds of 25 mph.
-
The initial figures put the National Flood Insurance Program’s reinsurance clear of triggering for the second time in two years.
-
The reinsurer reported EUR177mn of losses from named Q3 disaster events.
-
The firm's latest figure for the storm is up from a $25.7bn estimate reported by this publication in June.
-
The latest NHC advisory update has put the hurricane at a level that will not be strong enough to trigger the Mexico's 2017 MultiCat cat bond.
-
The initial estimate has come in at half its current Hurricane Irma gross loss.
-
The storm remains at a strength that would lead to a 50 percent payout of the $110mn Pacific hurricane cat bond protecting Fonden, although it may weaken before landfall.
-
The insurer's reinsurance cover is expected to be only lightly impacted if losses reach the top end of its estimate.
-
The Bay and Gulf counties in Florida are likely to the bear the brunt of Hurricane Michael losses.
-
The Category 4 hurricane is strong enough to trigger the $110mn class C layer of Mexico's 2017 Multicat.
-
Residential insurance lines will be most impacted by the storm, the modelling agency said.
-
According to market sources, the $2.5bn in losses mostly falls with homeowners’ insurance, which accounts for 62 percent of that figure.
-
Initial modelled loss projections for the hurricane range from $2bn to $10bn.
-
Blue Capital Reinsurance Holdings expects $10.2mn of losses in Q3 resulting from Irma loss creep, Florence and Jebi.
-
The insurer said it was too soon to estimate losses within its property business, where it has a $60mn retention.
-
A narrower view of exposures to Hurricane Michael suggests the two Florida insurers will bear the brunt of claims.
-
First Protective’s $350mn Frontline Re issuance is the main cat bond that is under watch as a result of Hurricane Michael, sources told Trading Risk.
-
The reinsurer said it had a 10 percent share of insured value in Bay and Gulf counties.
-
The firm’s estimate aligns with KCC figures but has come in above that of CoreLogic.
-
Floir data shows that First Protective has the largest market share, at 9.4 percent, followed by USAA, with 7.6 percent.
-
Hurricane Michael’s losses will contribute to a scrappy year for reinsurers and ILS firms.
-
Florida’s Bay and Gulf counties will produce the bulk of losses, the modelling agency estimated.
-
It is the first storm since 1898 to strike the state as a Category 3 hurricane.
-
Risk modeller CoreLogic has estimated Hurricane Michael’s insured losses will be between $2bn and $4.5bn, with Willis Towers Watson noting the event will fail to rock the market.
-
The storm is forecast to make landfall this afternoon local time near Panama City.
-
Appetite for last-minute cover appears muted ahead of Hurricane Michael’s landfall in Florida.
-
The major state carrier absent from the group active in the panhandle is UPC Insurance.
-
If Hurricane Michael does intensify, the reinsurance sector will be especially exposed: analyst.
-
City National Rochdale’s Select Strategies fund had posted a -3.90 percent loss at 31 January, driven by HIM.
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