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A client presentation from the broker put total insured losses at $25bn-$40bn, leaving the Citizens and the National Flood Insurance Programs clear of reinsurance impacts. -
Losses to the NFIP-sponsored cat bonds remains a key area of uncertainty, the investment manager reported.
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The hurricane is likely to prevent rate reductions in property cat in 2025.
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This is based on insured loss estimates of between $20bn and $60bn.
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Integrity Re 2024-D and Lightning Re 2023-1A are two bonds that were marked down, although no trading has occurred.
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Hurricane Milton’s overall impact, based on the current pre-landfall scenario, could lead to “moderate losses” for Plenum’s funds.
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Collateralised reinsurance and retro are in the firing line.
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The government-backed scheme has greater take-up in areas in Milton’s path.
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The Mexican cat bond offers $125mn of protection against Atlantic named storms.
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Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge.
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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 class of 2023-24 cat bond funds will grow existing investors and add new ones.
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