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The Mexican cat bond offers $125mn of protection against Atlantic named storms. -
A hurricane warning has been issued for the east coast of Florida.
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Hurricane Milton strengthened from a tropical storm on Sunday to a Category 5 storm yesterday.
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Destructive storm surge is expected along Florida’s West Coast on Wednesday.
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The panelists discussed the ILS reset and the path to maintaining discipline in this sector.
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Moody’s also predicts losses to the NFIP at potentially more than $2bn.
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The storm is packing maximum sustained winds of 175mph.
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Milton is expected to move north of the Yucatan Peninsula today and cross the eastern Gulf of Mexico by Wednesday.
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Parts of the Yucatan peninsula are under a hurricane warning, though the storm is expected to remain offshore.
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The NFIP’s losses are estimated at $4.5bn-$6.5bn.
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Experts have raised concerns over significant rainfall, record-setting storm surge and lingering Hurricane Helene debris.
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The “exceptionally large and powerful” Category 4 storm made landfall in Florida last month.
