-
-
The final report said the majority of the losses occurred on Kyushu Island with 74% of the total industry loss.
-
According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.
-
Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.
-
European and Bermudian reinsurers are expected to be the most favorably affected by the current environment.
-
Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.
-
Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.
-
The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
-
The analytics firm said that the majority of insured losses will be attributable to wind.
-
Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
-
The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
-
The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.
-
The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
-
The figure – which is not a loss estimate – would be consistent with early views of a sub-$10bn insured loss.
-
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.
-
The storm will weaken further, but remain a hurricane as it passes through Georgia and the Carolinas.
-
The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.
-
More than 800,000 houses could be affected by the hurricane’s storm surge.
-
Parts of Tampa, as well as Georgia and the Carolinas, now face dangerous conditions.
-
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.
-
The storm is set to become an “extremely dangerous major hurricane” by landfall on Wednesday.
-
Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
-
A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
-
The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
Most Recent
-
Brown & Brown acquires Occam from HSCM
20 September 2023 -
Lloyd’s to extend cat exposure monitoring to non-peak perils
20 September 2023 -
Vesttoo secures court ruling to claw back more than $30mn from founders
20 September 2023