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The storm destroyed housing in St Vincent and the Grenadines and Grenada. -
The storm is predicted to hit the Caymans tonight or early Thursday.
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Recent modelling predicts a strong probability of direct landfall in Jamaica.
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Grenada and St Vincent were spared the full brunt of the storm.
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Hurricane conditions are expected in Jamaica on Wednesday, according to the NHC.
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Aggregated losses are likely to be around the long-term H1 average of $8.5bn.
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Cat bond spreads stabilised as maturities brought capital to deploy into the market, after an earlier spike.
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The estimate is up from A$1.5bn, published by Perils in April.
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The Gallagher executive called it a “relentless start to the year”.
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The claims tally has increased 7% since the last estimate a month ago.
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ILS capital so far is viewed by sponsors as strategic rather than essential.
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Tropical Storm Alberto, the first named storm of this year’s Atlantic hurricane season, made landfall this morning over Mexico and Texas, bringing heavy winds and gusty rains, according to the US National Hurricane Center (NHC).
