Hurricane

The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.

The speciality residential and commercial house has a focus on earthquake, hurricane and flood risk.

“It's at the five- and 20-year return periods where insurers have to start looking and be worried about making sure these models capture these events,” Clark told this publication in an interview.

Now crossing the Atlantic, Larry is expected to rapidly strengthen as it heads west.

The carriers with the largest Louisiana market shares also ceded more than $100mn to Lloyd’s syndicates during 2020.

The storm has moved north across the US after making landfall in Louisiana at the weekend.

The energy market is being watched closely due to its potential to produce large risk losses.

The company predicts that total insured and uninsured losses from the storm overall will amount to between $27bn and $40bn.

The company said claims adjusting fees from the event would offset the hit to its retention.

The area of Laplace was the worst impacted on ICEYE’s list, with a total of 10,390 structures affected, 370 of which were in a high depth of water.

The agency said its rated insurers were well positioned to absorb significant catastrophe losses, as they had generally experienced capital expansion over the previous 12 months.

Overall the cat bond market will be lightly impacted by the storm, with the Swiss Re total return index down 0.35%.