Hurricane

The National Hurricane Center predicts a Category 1 landfall but if Michael is slower to reach the coast it may have more time to intensify, said JLT.

Tripling the ILS market from its current size of $80bn-$100bn to $300bn is an achievable target, said Fermat Capital co-founder John Seo.

Capital inflows continue to exceed loss outflows, the firm said.

The Eurekahedge ILS Advisers Index was up by 0.45 percent in August but this figure was below the 13-year average of 0.68 percent.

The Floridian insurer expects losses from Hurricane Florence, other third quarter catastrophes and development on prior 2018 catastrophes to push Q3 claims up to $35mn.

Modelling firms have put an average $3.8bn loss estimate on private market claims from Hurricane Florence.

ILS investors may push for higher returns from the sector if 2018 proves to be a break-even year, Pioneer ILS analyst Chin Liu said during the Munich Re ILS roundtable in Monte Carlo.

Conservative initial loss picks may have helped limit adverse development from the 2017 hurricanes, according to JLT Re.

Florida Citizens has recovered more than a third of its $350mn “wrap” insurance cover from reinsurers, with payments led by Validus.

The Category 4 hurricane has a central pressure of 940mb, above the 935mb threshold needed to trigger the Pacific hurricane layer of the 2017 Multicat Mexico cat bond.

The Category 2 typhoon is due to strike the Okinawa Islands early on Saturday.

North Carolina insurance regulators said that 11,457 claims have been filed with the National Flood Insurance Program (NFIP).