Hurricane
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Agencies expect up to $250mn of claims to be covered by public insurance.
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The fund has produced gains throughout a quiet 2019, after boosting 2018 reserves.
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The $300mn to $600mn range excludes NFIP claims.
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Around half this total would be borne by the National Flood Insurance Program.
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The estimate includes privately insured wind and storm surge damage but not public flood insurance losses. -
The hurricane made landfall in Louisiana on 13 July but flooding damage was less than feared.
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As Tropical Storm Barry heads for the coast, historical data puts damages from similar storms at less than $1bn.
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The carrier said the ILS business was finding opportunities in the retro market where reduced capacity has “significantly improved rates”.
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The US National Hurricane Center warned that the slow-moving storm will pose a heavy rainfall threat to the central Gulf Coast.
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The reinsurer’s $150mn Atlas IX Capital 2015-1 cat bond has partially triggered following an accumulation of PCS losses, sources said.
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Early range outlooks suggest a possible Category 1 landfall impact in Louisiana.
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Persistent US thunderstorms also prompt another month of billion-dollar-plus economic damage.
