Hurricane
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The Category 3 storm looks set to skirt the tourist city of Cabo San Lucas. -
The storm system is not currently forecast to make a US landfall, although could impact Bermuda later next week as a tropical depression.
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The modelling agency included $400mn to $700mn of losses to the US government’s National Flood Insurance Program as part of its estimate.
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The developing world specialist insurer is looking for input from ILS funds and reinsurers.
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The Texas state-backed carrier secured $2.1bn in cover for the 2020-21 hurricane season for $107.5mn above the $93.1mn budget.
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Insurers need to “be ahead of the game” on rate increases, company officials told Trading Risk.
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Upcoming deadline on Irma claims could bring an influx of new cases, the company said.
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Loss estimates outstrip early expectations.
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The company increased non-cat reserves by $26mn in the second quarter.
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Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
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The meteorological service has lifted its hurricane estimate from six to 10 to seven to 11.
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The insurer reported favourable reserve development and ceded $30mn of minor weather losses to reinsurers.
