Hurricane

Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.

The financials from the listed Floridians show them plotting a path through challenges by exposure management and rate rises, but reinsurers are still picking up notable storm losses from this reinsurance-reliant group.

Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.

The reinsurer revised its full-year P&C CoR to 100% after third-quarter storms.

The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.

Climate change is likely to have already driven up insured losses from hurricanes by 11%, and could raise annual windstorm losses by an additional 10-19%, according to the latest white paper from Karen Clark & Co (KCC).

Insurance commissioner Jim Donelon encouraged policyholders to file supplemental claims for expensive rebuild costs.

The monthly loss on the Eurekahedge ILS Advisers index accelerated from 0.4% in August.

The insurer will recoup $986mn from its reinsurers in relation to Q3 cats, of which $689mn stems from Hurricane Ida.

Hannover Re has ceded more than twice the level of large catastrophe losses to reinsurance and retro partners in the first nine months of 2021 as it did in 2020, as it retained only around a third of its Bernd flood claims on a net basis.

The carrier revised its cat bill following Ida and PG&E losses.

The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period.