Hurricane
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Incurred losses from Hurricane Michael have risen another 4 percent to reach $7.4bn, according to the Florida Office of Insurance Regulation.
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Hurricane Dorian and Typhoon Faxai losses have hit (re)insurers following a relatively benign first half of the year for catastrophe activity. -
The carrier expects Typhoon Hagibis to cost it EUR200mn.
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The carrier said it anticipated larger losses from Typhoon Hagibis in Q4 than those generated by the Q3 catastrophes.
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This was a substantial improvement on the $0.8mn loss it filed in Q3 2018.
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The Floridian insurer also increased its Hurricane Michael loss to $32.5mn in the quarter.
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A group of ILS funds tracked by Trading Risk produced more robust returns in Q3 compared to last year’s third quarter, despite Typhoon Faxai and Hurricane Dorian.
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Despite continuing Irma losses, retro availability could be a stronger influence on 2020 renewals, suggested one Florida insurer.
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The insurer avoided Irma loss creep but warned of pressure on claims from Hurricane Michael.
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News of adverse development from the two Floridians may point to a market-wide issue.
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All the carrier's new cat losses were retained net.
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The firm's reinsurance CEO John Doucette said the firm saw “select opportunities” to grow its retro book.
