Hurricane
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There’s no doubt that the stress of a serious hit from Hurricane Dorian to Florida reinsurers will add age lines to the ILS market.
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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.
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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.
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A day ago, cover that attached at $40bn was being offered at 15 percent rate on line.
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Landfall is now expected further south than before, near the wealthy area of West Palm Beach
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The reinsurer said that Hurricane Dorian could cause “considerable flooding”, which could impact the National Flood Insurance Program.
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The five Florida landfalls of hurricanes similar to Hurricane Dorian include Hurricane Jeanne in 2004, the modelling agency said.
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The historical median is considerably higher than for past Cat 3 Florida storms, with Irma a recent example.
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The Bahamas are likely to be struck by the storm this weekend.
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Discussions are now being held around ILWs triggering at $30bn or $40bn.
