Operations/tech
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The Category 4 hurricane is strong enough to trigger the $110mn class C layer of Mexico's 2017 Multicat.
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According to market sources, the $2.5bn in losses mostly falls with homeowners’ insurance, which accounts for 62 percent of that figure. -
Initial modelled loss projections for the hurricane range from $2bn to $10bn.
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The typhoon is said to have hit third layers of some occurrence covers.
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The reinsurer said it had a 10 percent share of insured value in Bay and Gulf counties.
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A previous estimate of $2bn to $4.5bn was released just prior to landfall.
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It is the first storm since 1898 to strike the state as a Category 3 hurricane.
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The storm is forecast to make landfall this afternoon local time near Panama City.
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The six typhoons in Japan this year could weaken the creditworthiness of the country’s three insurance giants.
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The estimate includes inland flooding but not National Flood Insurance Program claims.
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Florence will cause between $3bn and $5bn in insured wind and storm surge losses, CoreLogic estimated.
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Human behaviour now has a smaller role in determining pricing, according to the broker's president and global head of casualty.
