Hurricane
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Last year the hot topic was how the ILS market would respond to the challenge of reloading after the string of hurricanes. But this year, the tables have turned.
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Super-cat events have foiled modelling firms but moderate windstorms have been well captured, the broker found. -
As Florida’s first hurricane in a decade, Irma was always going to throw a few curveballs to the insurance industry even if it wasn’t “the big one”.
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The hurricane is expected to quickly weaken to a tropical storm or strong open trough over the weekend.
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A surge in demand for roof repairs and the cost of higher safety standards are playing a role.
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Colorado State University (CSU) scientists Philip Klotzbach and Michael Bell predict 11 named storms this season, down from 14.
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Cutting costs out of the reinsurance risk transfer chain is going to be the next focus for evolution in the market, said Nephila co-founder Greg Hagood.
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Reduced exposures enabled the insurer to cut its spend, after ceding $600mn in losses to reinsurers last year.
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The latest figures from the loss-tracking agency put Hurricane Maria at $25.7bn, Hurricane Irma at $19.5bn and Hurricane Harvey at $17.6bn.
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The association cited the positive response to its handling of over 75,000 Hurricane Harvey claims last year.
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The postponement will provide time for Citizens to assess policy changes that take aim at assignment-of-benefits abuses.
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Cooler sea surface temperatures in the Atlantic are dampening storm formation, said the Colorado State University scientist.
