Hurricane

AIR Worldwide has estimated that combined insured losses for the US and Caribbean from Hurricane Matthew will be between $2.8bn and $8.8bn

HCI subsidiary Homeowners Choice P&C Insurance has released a preliminary loss estimate for Hurricane Matthew that said losses would fall below $50mn.

Hurricane Matthew will cost insurers $6.95bn for damage incurred across the US, modelling firm Karen Clark & Company (KCC) estimated today

Two Florida insurers have released early sub-$100mn estimates for their Hurricane Matthew losses, implying that industry losses within the Sunshine State could remain well below $5bn

Floridian insurer Heritage said that its latest modelled losses from Hurricane Matthew would fall under $100mn, leaving the claims impact to its reinsurance programme limited to $60mn and putting its Citrus Re cat bonds clear.

Cat bond premiums fell by 11.3 percent during the third quarter, according to Lane Financial's rate-on-line index.

RMS said modelled US wind losses from storm scenarios that could resemble Hurricane Matthew ranged between $2bn and $8bn.

The cat bond market experienced its largest one-week drop since Hurricane Sandy as Hurricane Matthew wended its way up the Florida coastline last week.

Hurricane Matthew may have caused much less destruction in Florida than initially feared last week, but after making landfall over the weekend the (re)insurance industry's focus turned to flooding claims

Some of Heritage's Citrus Re cat bonds could pick up Hurricane Matthew losses if the insurer's preliminary loss estimate of $500mn comes to pass.

The latest modelled simulations released by RMS now place the mean loss guidance from Hurricane Matthew as low as $6.9bn, well down on yesterday's figures, according to sister title The Insurance Insider

Zurich-based ILS manager Plenum said that recent changes to Hurricane Matthew's forecast track could reduce the potential impact to the cat bond market, compared to yesterday's predictions.