Hurricane

With a hugely challenging reinsurance renewal ahead, Florida insurers are maximising participations in the state scheme.

The Florida-based insurer’s 2019 issuance is expected to lose up to $37mn of its $40mn principal after Hurricane Ida.

The Senator is seeking to use a statute to activate a special session on property insurance.

Its prediction for an above average season is in line with the early outlook from Colorado State University (CSU) researchers.

The team of researchers predict there will be 19 named storms, of which nine will be hurricanes.

The feeder fund to Neuberger Berman ILS strategies took a defensive stance ahead of 2021 Atlantic hurricane season.

The move would enable the company to achieve “overall actuarial soundness”.

Chances of a major hurricane making landfall is above the norm this year.

Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.

The study says a more La Niña-like environment has driven the trend.

A flurry of selling in the secondary cat bond market is causing “weakness in pricing”, according to a note by Twelve Capital, as sources suggested investors are moving to free up capital for what is expected to be a bumper pre-hurricane season phase.

The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.