Hurricane
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EMEA cat rates have failed to reprice while US and Japan markets have been more reactive, the firm noted. -
The retro space is expected to move towards named peril covers as rates approach post-Hurricane Katrina levels.
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Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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One source predicted a loss tally as low as $200mn.
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Typhoon follows similar track to Maysak, which made landfall in Busan yesterday.
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The Cat 4 storm has led to losses at oil refineries and chemical plants located in the western half of Louisiana, RMS noted.
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The National Hurricane Center has warned of storm surge and hurricane conditions in the country.
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The typhoon, which is expected to make landfall on the peninsula on Thursday, is being compared to the devastating Typhoon Maemi in 2003.
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The improved premium environment started to show up in returns, but Covid-19 losses are also emerging, ILS Advisers said.
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The storm, which is heading for Belize, is also expected to bring “dangerous” surges, according to the NHC.
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Louisiana will account for the brunt of insured losses from the Category 4 hurricane, which made landfall last month.
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Uncertainty remains over energy sector and Covid-19 impact on loss adjusting and rebuilding.
