Operations/tech
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CoreLogic’s analysis puts nearly 50,000 homes at “high or extreme” risk from the two largest fires in California.
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The AlphaCat CEO will assist AIG with the use of modelling technologies.
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Some 5 percent of the total claims filed to date were lodged in counties beyond the 15 closest to Michael’s strike. -
The loss aggregator has announced the launch of Wind-Jeannie Australia, as well as updating its Wind-Jeannie Europe platform.
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The Bay and Gulf counties in Florida are likely to the bear the brunt of Hurricane Michael losses.
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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.
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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.
