Hurricane

Gordon is expected to strengthen to hurricane status before making landfall.

Hurricane Lane, which hit Hawaii earlier this month, is set to be more of a flood event than a wind event for insurers, rating agency AM Best has said.

Citrus Re cat bond losses have more than doubled since May amid rising claims from Hurricane Irma, with the total $324mn payout expected to flow to Heritage set to be a new record for the ILS market.

Securis Investment Partners has hired Paul Wilson from RMS and Adam Tidball from MS Amlin to lead its non-life catastrophe analytics team.

Three ILS funds have joined the Florida Hurricane Catastrophe Fund (FHCF) programme this year, using Tokio Millennium Re as a fronting partner.

Of the listed Florida-based insurers, Federated National and Heritage recorded the greatest increases on their Hurricane Irma losses by the second quarter reporting period.

Hurricane Lane is set to be more of a flood event than a wind event for insurers, the ratings agency said.

Private flood insurers in the state are led by FM Global, AIG and Swiss Re.

Florida insurance losses from Hurricane Irma had reached $10.5bn by mid-August, up 8 percent over the past two months.

Large nationwide US carriers dominate the Hawaiian insurance market, suggesting any claims impact from Hurricane Lane would be well within their retentions.

The sums represent total reconstruction value for the properties at highest risk of flooding, the modelling firm said

The storm is the closest category five storm to approach the state, although it is not currently forecast to make landfall.