Hurricane

The Swiss Re Cat Bond Price Return Index has gained 1.3 percent over the past week, after PCS' first loss estimate for Hurricane Sandy forecast just $11bn of total insured losses

Significant uncertainty continues around the ultimate insured losses from Superstorm Sandy as new forecasts flow in from modellers and reinsurers.

Lloyd's and international (re)insurer Catlin believes that insured losses from Hurricane Sandy are likely to fall short of the $25bn-$30bn top end of current estimates.

Industry loss aggregator PCS has released its first loss tally for hurricane Sandy, putting total insured losses at $11bn, according to sources.

Dexion Capital's closed-ended ILS fund DCG Iris has deferred the deadline for its second-round share issuance by three weeks as a result of Hurricane Sandy.

Business interruption (BI) claims could account for a significant portion of the losses from Hurricane Sandy, but there are a number of limitations on BI cover, according to Daniel Gerber, co-chair of global insurance services at law firm Goldberg Segalla.

Attempts to model losses from Superstorm Sandy has presented some unique challenges, but nevertheless the storm fits within the expected range of outcomes for a north-east hurricane, modelling firms say.

No superstorm - it's a hurricane for PCS; Sandy's CHI doubles Irene

The market for north-east industry loss warranties (ILWs) has dislocated as trading halts in the aftermath of Hurricane Sandy as participants attempt to gain clarity on the loss, according to Aon Benfield Global ReSpecialty deputy CEO Dan Burrows.

Swiss Re and Scor nearly doubled their latest cat bond issuances as pricing on the deals fell below initial expectations due to continued strong investor demand over the past month.

This is just my third hurricane season in the industry, so perhaps you'll understand why I'd started writing 2012 off as another non-event for catastrophe losses in mid-October.

Hurricane Sandy will have little impact on catastrophe bond pricing for new deals based on current loss estimates, Willis Capital Markets & Advisory (WCMA) said in its third-quarter report on the ILS market.