Hurricane

The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.

The lawsuit claims CEO Tony Belisle misled the investor over risk levels.

Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.

The firm’s senior meteorologist noted activity was in line with expectations on major storms, if not all named storms.

States in the south have received proportionally less damage.

Nearly three months on, the event still seems heavily stacked towards residential claims.

The loss-tracking agency’s claims total for Louisiana rose by roughly $1bn, as losses hitting New York increased by $0.5bn.

K2 Parametric will offer policies that pay pre-agreed claim amounts based on local parameters of measurable events, such as hurricanes or earthquakes.

Catastrophe losses push P&C industry CR higher, send industry to underwriting loss for first nine months of the year, AM Best estimates.

On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.

The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.

The cat bond market has priced a $20mn tranche of Safepoint’s 2019 Manatee Re cat bond for a full loss after Hurricane Ida as two regional, low-attaching deals are set to be impacted by the 2021 hurricane.