Hurricane

The carrier is among the first P&C insurers to release anticipated loss numbers ahead of the third-quarter earnings season.

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 industry has a chance to open the "black box" of risk modelling and gain more in-house control of risk.

The Category 1 hurricane is set to weaken after passing close to the Azores.

The number of assignment of benefits claims in Florida increased by 40.9 percent year on year in June before the implementation of the state’s new laws designed to stamp out abuses of the system.

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 ILS market’s shift toward lower-attaching risk in the past decade meant it had much higher exposures to the 2017/18 losses than to the last active hurricane season in 2004/05.

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.