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This is a far narrower drop than post Ian, when the index was lost 10%. -
A client presentation from the broker put total insured losses at $25bn-$40bn, leaving the Citizens and the National Flood Insurance Programs clear of reinsurance impacts.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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The hurricane is likely to prevent rate reductions in property cat in 2025.
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Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.
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Roman Romeo was named CEO of Reinsurance Solutions in Bermuda in April this year.
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This is based on insured loss estimates of between $20bn and $60bn.
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Milton’s center is projected to make landfall near or just south of Tampa Bay.
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Collateralised reinsurance and retro are in the firing line.
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Restrengthening to Category 5 is still possible, Siffert warns.
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The NHC is predicting storm surge, exacerbated by the tide, as high as 15 ft for Tampa Bay.
