Hurricane

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) will pay out $13.6mn to the Turks and Caicos Islands following Hurricane Irma.

It remains to be seen whether reinsurers' risk appetites have changed in the wake of Hurricane Irma, Guy Carpenter vice chairman David Priebe told Trading Risk the day after the storm hit Florida.

"Super-regional" carriers, the Florida-headquartered insurers which have been expanding outside the state, are the leading private carriers in the 12 Florida counties where Hurricane Irma first hit.

Zurich-based ILS manager Plenum said its cat bond fund should post a loss of less than 1 percent due to Hurricane Irma, on a modelled basis.

The National Hurricane Center said on Tuesday Hurricane Jose's appearance suggested it had continued to weaken and that the Category 1 storm seemed to have turned eastwards.

Markets conditions are now ideal to return US flood risk to the private sector, JLT Re senior executives said at the Monte Carlo Rendez-Vous.

Specialty carrier Assurant said it was anticipating $265mn in pre-tax catastrophe losses as a result of Hurricanes Harvey and Irma.

Even though Hurricane Irma has taken a less damaging course through Florida for the (re)insurance market, it could still impact pricing, Leadenhall Capital CEO Luca Albertini said at the Munich Re ILS roundtable hosted in Monte Carlo.

Hurricane Irma is likely to be a pivotal but ultimately absorbable event for the market, (re)insurers have said at the Monte Carlo Rendez-Vous.

Hurricane Irma will be a major test for the ILS market even though it has taken a more favourable westerly turn for the reinsurance industry, straying away from Miami.

AIR Worldwide reduced its insured loss estimate for Hurricane Irma to $20bn to $40bn down from $20bn to $65bn on Friday.

ILS managers are sounding out investors to raise fresh capital to deploy after Hurricane Irma, as buyers of back-up cover move to line up capacity.