Hurricane
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The NHC reiterated its warning of “life-threatening” storm surge as the storm rapidly loses strength. -
AM Best warns the coronavirus pandemic will inflate the cost of claims arising from the strongest storm by far of this year’s hurricane season.
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Insured losses from past storms in Laura's vicinity range from $13bn to $24bn, inflation-adjusted.
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AM Best draws a comparison with $6.4bn Hurricane Rita as Laura’s strength approaches Cat 5.
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The hurricane is expected to track north-northwest and make landfall later tonight.
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Buyers and sellers are eyeing a 20% RoL, but contracts have yet to trade.
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Forecasters predict landfall around 100 miles to the east of Houston.
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Residential property with a reconstruction value of almost $90bn is at risk of storm surge, says CoreLogic.
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Shipping is currently heading away from the port of Houston for safer waters, according to live vessel location information.
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Buyers are looking to protect against a mid-sized loss, although trades are not believed to have taken place yet.
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The tropical storm – expected to be a hurricane when it hits the Gulf Coast – could have a different impact.
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The storm is due to impact the west coast on Thursday after hitting southern island Jeju today.
