Hurricane
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The number of tropical cyclones decreased over the past 30 years, but the damage is increasing due to more people migrating to cat-exposed areas. -
Tropical storms gain strength when passing over the deep warm current.
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Tropical Storm Risk set the probability of above-normal accumulated cyclone energy in the North Atlantic at 46%.
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Private ILS strategies boosted overall sector performance as cat bonds continued to lag.
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Sources say investor capacity may be returning to the market, but hurricane season could “make or break” the market.
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The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.
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The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
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The parametric product will pay out based on a hurricane’s proximity to the insured.
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The deadline for Lighthouse Excalibur policy cancellations has been extended to 30 June.
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The cancellations contribute to a total of around 100,000 affected homeowners in the state.
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Despite capital infusions into the firm, the Florida insurer was unable to stave off receivership.
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The carrier’s below-FHCF layer is 29% unplaced.
