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RMS said modelled US wind losses from storm scenarios that could resemble Hurricane Matthew ranged between $2bn and $8bn.
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The cat bond market experienced its largest one-week drop since Hurricane Sandy as Hurricane Matthew wended its way up the Florida coastline last week.
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Hurricane Matthew may have caused much less destruction in Florida than initially feared last week, but after making landfall over the weekend the (re)insurance industry's focus turned to flooding claims
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Some of Heritage's Citrus Re cat bonds could pick up Hurricane Matthew losses if the insurer's preliminary loss estimate of $500mn comes to pass.
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Zurich-based ILS manager Plenum said that recent changes to Hurricane Matthew's forecast track could reduce the potential impact to the cat bond market, compared to yesterday's predictions.
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Hurricane Matthew is set to trigger the largest payout to date under the Caribbean Catastrophe Risk Insurance Facility (CCRIF), as the government of Haiti is expected to receive $20mn following the disaster.
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The total value of residential exposures in the eastern counties of Florida threatened by hurricane Matthew represents almost a quarter of the state’s entire values at risk.
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Standard & Poor’s said its ratings remained unchanged on 15 cat bonds worth $3.45bn which it monitors and which could take losses from Hurricane Matthew.
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Hurricane Matthew has a 25.7 percent chance of causing $30bn of insured industry losses, according to very preliminary loss numbers produced by RMS for its clients and obtained by Trading Risk
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Blue Capital Management said that it did not anticipate any management changes following the acquisition of its parent company Endurance by Sompo Holdings.
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Barbados is set to receive a $975,000 pay out under the Caribbean Catastrophe Risk Insurance Facility (CCRIF) tropical cyclone policy for losses caused by Hurricane Matthew.
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The insurance business is a fundamentally different challenge to writing wholesale reinsurance for ILS funds and reinsurers seeking expansion in this sector, according to Dirk Lohmann, CEO of Schroders-owned ILS manager Secquaero.
