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KCC has added a loading for litigation costs to the storm loss estimate for the first time. -
RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
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Most of the losses will come from wind damage, while storm surge and inland flooding could account for up to $6.5bn in total.
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KCC previously issued a $32.5bn number in a private client advisory based on Ian's Tuesday track.
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The figures include both wind and storm surge losses.
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The incoming CUO joins from InsurTech MGA Kettle, where he was also CUO.
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The storm’s likely quantum is still highly contested, but all scenarios are challenging for Florida homeowners and cat treaty writers.
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The state’s property carriers are closely watching the progress of Hurricane Ian.
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A landfall at Category 3 or 4 along the west coast of Florida later this week would be one of the more damaging scenarios for Ian.
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The National Hurricane Center forecasts ‘considerable flooding’ in Florida later this week.
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This would become an event of default under the company's outstanding $100mn senior unsecured notes due 2029 and $21mn convertible notes due 2026 if not discharged within 60 days.
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The executive joins from Getsafe and has experience at Zego.
