Hurricane

Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.

The state-backed insurer's claims tally was just over 47,000 this morning.

The reinsurance segment is heading for a hard market regardless of whether the loss is $40bn or $60bn, but the swing will exacerbate trapital and influence the reload, Convergence conference panellists suggested.

The carrier’s property business retained $175mn of losses net of reinsurance related to the Hurricane.

So far, the company has received nearly 12,000 claims associated with the storm.

The insurer has received roughly 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims.

The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.

The Florida carrier suggested that Ian will not exhaust the state’s reinsurance Cat Fund.

Buyers are more open than ever to different sources of capacity, but the timing of entry will not be on the industry’s terms.

The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.

The state insurance body received reports of 375,293 claims as of 6 October.

The carrier has under 3% market share in Florida homeowners’ business in 2021.