Hurricane

The recent string of catastrophe events, which could make 2017 the most expensive year ever for insured losses, could also erode capital for some reinsurers, Fitch said

Florida Citizens Property Insurance forecasts that Hurricane Irma will cost it $1.23bn but its losses will not trigger claims under its private reinsurance or cat bond arrangements.

The secondary cat bond market is continuing to recover following Hurricane Irma, as the Swiss Re global cat bond price return index gained another 0.7 percent in the week to Thursday 21 September.

Mapfre has warned investors that it may no longer meet its projected return on equity for the year, as it is facing net costs of up to EUR200mn ($236.8mn) from a string of hurricanes and earthquakes.

UPC Insurance said it would take gross losses of between $300mn-$600mn from Hurricanes Harvey and Irma, but would retain a net $83mn of this total after ceding losses to its reinsurers.

The first Hurricane Irma loss estimates released by UPC Insurance and others suggest that the private residential insured loss from the storm could be less than $5bn

Scor said its losses from hurricanes Harvey and Irma should be absorbed within its earnings rather than threatening its capital position.

AIR Worldwide said that Hurricane Maria would cost insurers between $40bn-$85bn after devastating Caribbean islands from Dominica to Puerto Rico.

Insured losses stemming from Hurricane Maria's hit on Puerto Rico could be significant for the (re)insurance market as the US territory has relatively high levels of cover.

Hurricane Harvey is likely to produce an industry insured loss of $15.9bn, data provider Property Claim Services (PCS) said in its initial survey of claims from the August event, sister publication The Insurance Insider reported.

The first week back at the desk after the reinsurance industry's annual Monte Carlo gathering can be a long and difficult slog for executives, having powered through dozens of half-hour meetings and evening receptions in sunny Monaco

Hurricane Maria has triggered a $19.3mn payout to the island of Dominica under its hurricane insurance policy with the Caribbean Catastrophe Risk Insurance Facility (CCRIF).