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Hurricane Milton will show the ILS product behaving as investors expect it to. -
The company is monitoring the NFIP’s flood-exposed bonds.
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This is a far narrower drop than post Ian, when the index was lost 10%.
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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.
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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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