Hurricane
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The reinsurer’s analysis of 20 research groups’ predictions points to a busier season than usual. -
The storm system is expected to become Tropical Storm Claudette.
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The model uses research and technology to provide insurers with a more in-depth view of risk when submitting risk filings in Florida.
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Dimosthenis Tsaknias is to lead the InsurTech’s worldwide flood modelling.
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The news marks the second year in a row members have ceded more than $1bn in risk to the Caribbean Catastrophe Risk Insurance Facility.
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Tropical storm activity is expected to be higher than normal in the Atlantic, Caribbean and West Pacific regions.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The fund will limit capacity to $400mn or 1.5% market share, and minimise exposure to secondary risks.
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Version 21.0 of the model will become available to clients on June 23.
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CUO Mike Duffy predicts MGA will become “the future of Lloyd’s”.
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Named storm predictions held stable from the agency’s April update at 17, up from an average of 14.
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British Virgin Islands-based investor Eugenia II Investment Holdings had alleged fraud and misrepresentation after losing $7.5mn with the retro fund manager.
