Hurricane
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Louisiana, Mississippi and Georgia are likely to bear the brunt of the insured losses. -
Zurich-based manager Plenum said a partial loss of the $150mn Philippines wind bond seems likely.
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The carrier reported overall rate increases of 18% in the London market in the first nine months of the year, with reinsurance up 12%.
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The company relies heavily on underwriting expertise to prepare for cat events.
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That figure compares to pre-landfall loss estimates in the low-single-digit billions.
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Cat claims stemmed from hurricanes Laura, Sally and Isaias, the Midwest derecho and California wildfires.
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Bruce Lucas tells Trading Risk Live that 10-12 companies are at “extreme insolvency risk”.
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HSCM’s Michael Millette urged industry participants to prepare for growing cat risk on the back of climate change.
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The carrier transferred $44mn from a holding company to its insurance subsidiary in the quarter.
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New Orleans officials warned more damage could be revealed on Thursday.
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The storm has also struck areas of Alabama still struggling to recover from Hurricane Sally after its Category 2 landfall in Louisiana yesterday.
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The storm is expected to gather speed before making a second landfall along the Mississippi coast.
