Catastrophe losses
-
Fifteen events caused estimated losses of $306mn.
-
The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
-
The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
-
A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
-
Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
-
The storm is expected to weaken to a post-tropical cyclone later tonight.
-
‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
-
Francine is expected to make landfall in Louisiana tomorrow.
-
The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
-
A hurricane watch is now in effect for the Louisiana coastline.
-
The loss has increased by 1.4% since the company’s first assessment.
-
Urban expansion, climate change and inflation are key drivers of losses.
-
The CEA has $326.4mn towards risk transfer, 44% below budget.
-
Returns were down on 2023, which benefited from favourable Ian loss development.
-
Rising premium income is not keeping pace with the increased cost of claims.
-
-
Flights cancelled as typhoon ramps up to Cat 4.
-
Moody’s also predicts losses to the NFIP at less than $300mn.
-
Several bonds suffered declines in value from February to July.
-
Subsidiaries Core and Typtap have applied to participate in the November Citizens policies assumption.
-
Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
-
Its forecast for intense hurricanes is unchanged at six.
-
The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
-
The biggest losses were from wind damage after the storm’s Texas landfall.
-
Relentless focus on annual outcomes provides a packaging that doesn’t fit the purpose.
-
Industry losses of $800mn-$1.2bn are expected from Beryl's impact in Texas.
-
Hurricane Beryl was a “harbinger of a hyperactive season,” CSU said.
-
Beryl has been downgraded to a tropical storm but is still life-threatening, with news media reporting two deaths so far.
-
Insured losses could be less than $1bn if current NHC forecasts are accurate.
-
The parametric trigger on the World Bank deal specifies storm pressure of 955mb or lower but its initial reported landfall was at 975mb.
-
Hurricane Beryl is expected to strengthen again after hitting the Yucatan Peninsula.
-
The parametric structure would have paid out at slightly lower storm pressure.
-
The storm destroyed housing in St Vincent and the Grenadines and Grenada.
-
The storm is predicted to hit the Caymans tonight or early Thursday.
-
Recent modelling predicts a strong probability of direct landfall in Jamaica.
-
Grenada and St Vincent were spared the full brunt of the storm.
-
Cat bond spreads stabilised as maturities brought capital to deploy into the market, after an earlier spike.
-
Torrential rain caused flash floods in the Gulf States in the middle of April.
-
The firm is the sole provider to offer index services in the US.
-
Reinsurers scaled back their coverage to non-peak events in 2023.
-
The Italian hailstorm event in the summer 2023 saw estimated losses nearly triple.
-
The firm now predicts six major hurricanes and 24 tropical storms.
-
Forecasters have warned that a number of meteorological factors could make this year the most active on record.
-
Most years since 2014 have seen at least one named storm before 1 June.
-
The outlook calls for an 85% chance of an above-normal season.
-
Overall economic losses hit $45bn in the first quarter of 2024.
-
Various trends may work together to hold the cat markets up for longer than some had feared.
-
Panellists at the Insurance Insider ILS conference say forecasts can push capital to “the edges” of the market.
-
Researchers expect 15-20 named storms to form in the Atlantic Basin.
-
Sums insured for European windstorm increased by 10.1% due to inflation.
-
Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
-
Sabine Re marks Allied Trust’s entry to the market.
-
Insured loss estimates are not yet available.
-
Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
-
The Insurance Council of Australia has estimated A$743mn ($489.6mn) of insured losses from Tropical Cyclone Jasper and the Christmas and New Year storms.
-
The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
-
In total there were seven international events that exceeded $1bn in 2023.
-
The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range.
-
CFO Christoph Jurecka said losses for 2023 were in line with its expectations, but he added that the events producing the losses differed from those of years previous.
-
Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
-
Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
-
The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
-
The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
-
Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
-
More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
-
The 2020 bond provides $125mn of parametric, per occurrence coverage.
-
Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
-
Experts agreed that investment in understanding wildfire risk had come a long way in recent years.
-
Lara's plan, backed Thursday by an executive order from California Governor Gavin Newsom, repackages elements of a proposed bill that collapsed earlier this month.
-
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.
-
-
SCS accounted for nearly two-thirds of global first-half catastrophe losses.
Most Recent
-
Opinion: Florida capital raising environment not in the clear yet
18 September 2024 -
GC Securities to join broker line-up for ResRe bonds
18 September 2024 -
Beazley upsizes latest PoleStar Re bond by 167% to $200mn
18 September 2024 -
Moody’s RMS estimates Hurricane Francine losses at under $2bn
18 September 2024 -
California announces plans to develop public wildfire cat model
18 September 2024