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Annual aggregate cat bonds with industry loss triggers continue to raise concerns for investors as the ILS market recovers from the Harvey-Irma-Maria trio of hurricanes
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Mexico is looking to replace its $150mn earthquake catastrophe bond, the head of the Mexican finance ministry's insurance unit has said.
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AmTrust Financial Services said it would take net losses of $40mn to $65mn from third quarter catastrophe events, mostly via its Lloyd's business.
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American Financial Group (AFG) expects to take a $105mn net loss from third quarter catastrophe events including hurricanes Harvey, Irma and Maria, as well as the two major earthquakes in Mexico in September.
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The $200mn Kilimanjaro Re 2014-B cat bond has been downgraded from aa BB- to a B- rating by Standard & Poor's (S&P) following hurricanes Harvey, Irma and Maria.
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Chubb said it is anticipating pre-tax losses resulting from Q3 catastrophes to reach $352mn, including net insurance and reinsurance losses from Hurricane Maria of $220mn.
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Global insurer Chubb said hurricanes Harvey and Irma would cost it up to $1.6bn before tax and net of reinsurance, but the individual loss numbers for each event suggest its main catastrophe treaty may remain intact.
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The secondary cat bond market is continuing to recover following Hurricane Irma, as the Swiss Re global cat bond price return index gained another 0.7 percent in the week to Thursday 21 September.
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Lloyd's syndicates and Munich Re are the reinsurers most active in covering Puerto Rican insurers, according to analysis from sister publication The Insurance Insider
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Florida Citizens Property Insurance forecasts that Hurricane Irma will cost it $1.23bn but its losses will not trigger claims under its private reinsurance or cat bond arrangements.
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Scor said its losses from hurricanes Harvey and Irma should be absorbed within its earnings rather than threatening its capital position.
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AIR Worldwide said that Hurricane Maria would cost insurers between $40bn-$85bn after devastating Caribbean islands from Dominica to Puerto Rico.
