Hurricane

The Dutch pension fund giant amended several mandates in 2022 and has posted a 6.3% return from ILS in the first half of 2023.

Private ILS outperformed cat bonds in August, as hurricane season earnings began to kick up a gear.

Experts agreed that investment in understanding wildfire risk had come a long way in recent years.

A challenge facing the industry in the years to come is the question of how can it move through a rotation of its investor base to capture the growth opportunities that have arisen.

The Elementum executive told Trading Risk New York that “appropriate returns” over time were the key to a sustainable ILS market.

Inver Re used data from the National Oceanic and Atmospheric Administration (NOAA) to model the impacts of global warming for a Category 1 hurricane making landfall in Florida.

According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday.

With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.

Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.

The insurance company had set out plans last summer to expand its market share in Florida.

Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.

The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.