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The Eurekahedge ILS Advisers Index was up by 0.45 percent in August but this figure was below the 13-year average of 0.68 percent. -
Modelling firms have put an average $3.8bn loss estimate on private market claims from Hurricane Florence.
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The US flood market has traditionally been the domain of the publicly backed National Flood Insurance Program (NFIP).
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The Category 4 hurricane has a central pressure of 940mb, above the 935mb threshold needed to trigger the Pacific hurricane layer of the 2017 Multicat Mexico cat bond.
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The Category 2 typhoon is due to strike the Okinawa Islands early on Saturday.
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North Carolina insurance regulators said that 11,457 claims have been filed with the National Flood Insurance Program (NFIP).
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Utilities company Sempra Energy has become the second sponsor to bring a wildfire cat bond to the ILS market, with the launch of the $125mn SD Re.
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Hurricane Florence may cost (re)insurers between $4.5bn-$4.8bn, according to an estimate from Credit Suisse Insurance Linked Strategies.
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Munich Re and Swiss Re as well as Lloyd’s insurers are among the top reinsurers of the leading insurers in North Carolina and South Carolina.
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Most of the losses resulting from floods caused by Hurricane Florence will be uninsured, JLT said.
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The city of Osaka sustained most of the losses.
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The National Hurricane Center predicted catastrophic freshwater flooding as the eye of the hurricane touched down at Wrightsville Beach.
