Hurricane

Risk modeller CoreLogic has estimated Hurricane Michael’s insured losses will be between $2bn and $4.5bn, with Willis Towers Watson noting the event will fail to rock the market.

Speaking at the Trading Risk Rendez-Vous in New York, Hudson Structured Capital Management’s Michael Millette said modelling misses helped the reload last year.

The storm is forecast to make landfall this afternoon local time near Panama City.

Appetite for last-minute cover appears muted ahead of Hurricane Michael’s landfall in Florida.

Hurricane Michael is expected to make landfall in Florida later today.

The major state carrier absent from the group active in the panhandle is UPC Insurance.

The modelling agency also said Michael will be of a greater intensity than Florence when it makes landfall in Florida on Wednesday.

CoreLogic predicted Michael will strengthen to make landfall at Category 3 strength.

If Hurricane Michael does intensify, the reinsurance sector will be especially exposed: analyst.

RMS said Michael is expected to make landfall along the Florida Panhandle or Florida Big Bend on Thursday as a strong Category 2 hurricane.

City National Rochdale’s Select Strategies fund had posted a -3.90 percent loss at 31 January, driven by HIM.

Lancashire said the net losses could reach $75mn.