Hurricane
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Buckingham Research analyst Amit Kumar said reinsurers would pick up only $1.5bn to $2.0bn of claims from a $10bn industry loss for Hurricane Florence.
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The National Hurricane Center predicted catastrophic freshwater flooding as the eye of the hurricane touched down at Wrightsville Beach. -
A marked-down trade of the $500mn Floodsmart Re 2018-1 cat bond may have been cancelled.
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The storm is expected to produce storm surges of up to 7 m in coastal areas, the Philippines government said.
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Florence will cause between $3bn and $5bn in insured wind and storm surge losses, CoreLogic estimated.
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North Carolina FB has just under 7% market share in North Carolina, the most among single-staters.
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The analyst estimated the continental (re)insurers are each on course to take 5% of losses from the Category 2 hurricane heading for the Carolinas.
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Flood risk concerns could mean more drain on the public purse to pay for damages via the NFIP.
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Hurricane Florence has weakened amid a growing consensus that the storm will linger near the shore, increasing the potential for flooding.
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Category 4 Hurricane Florence continues to approach the Carolina coastline though may slow down by late Thursday, the NHC said.
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Global reinsurance head Juergen Graeber said as several Japanese carriers bought aggregate cover, the recent typhoons would lead to “detailed discussions” with clients
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RMS's Mohsen Rahnama has said if Florence hits Wilmington, North Carolina – a city with high insured exposures – as expected, then losses will be high.
