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Parts of the Yucatan peninsula are under a hurricane warning, though the storm is expected to remain offshore. -
The figure does not include NFIP losses.
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Most of the estimated insured losses will be retained by insurers.
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Praedicat CEO Bob Reville outlined the firm’s approach to "casualty cat" as liability risk modeling continues to mature.
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The numbers will be refined further to arrive at an industry loss estimate.
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Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown.
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The facility will provide reinsurance coverage over three underwriting years.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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A hurricane watch is now in effect for the Louisiana coastline.
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The carrier said European cat business needs further price improvement.
