Hurricane
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The storm is currently expected to make landfall as a Cat 2 hurricane. -
The storm hit near Puerto Morelos, between the larger resorts of Cancun and Playa del Carmen.
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The storm is equivalent to a Category 1 hurricane.
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Carrier has a cat event retention of $10mn for all perils under its reinsurance programme.
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States of emergency have been declared as far east at Florida.
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Violent waves and a storm surge of as much as 9-13 feet above normal tide levels will likely cause damage across the coastline.
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The storm is expected to strike the Cancun as a Category 4 storm later tonight.
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The storm is forecast to reach Mexico on Wednesday and hurricane warnings are in effect.
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The 25th named storm of the year may become the 10th named storm to impact the US this year.
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The average ILS fund was up 0.69% amid an active hurricane season, the fund reported.
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The estimate includes claims from four hurricanes: Hanna, Isaias, Laura and Sally.
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EMC and Church Mutual turn back to reinsurers after devastating wind losses.
