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The event is the costliest for insurers in an otherwise benign 2018-19 European winter storm season. -
Severe weather is forecast for parts of Texas, Oklahoma and Kansas on Wednesday.
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The figure includes collateral trapped from catastrophe events in 2017 and 2018, Aon said.
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‘Stalling storms’ are not new, but they may lead to more risk due to increased exposure in coastal areas, TigerRisk said.
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Aon said the latest storm could lead to combined economic and insured losses of $100mn.
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ILS investors were more frustrated by extended loss creep last year than by the overall hit, according to Michael Knecht of Siglo Capital Advisors.
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A tighter cat bond market persisted into the first quarter of 2019, with new issuance activity expected to remain subdued heading into the hurricane season.
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ILS managers are upping the pressure on Florida reinsurance buyers to change terms and conditions or retain more risk as 1 June renewal negotiations continue.
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Both tranches of Fema’s $300mn FloodSmart Re cat bond have priced at the upper end of the initial guidance.
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The Senate proposal would push the state reinsurance scheme to lift its cap on covering loss adjustment expenses.
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Lane Financial’s latest report shows the best cat bond returns since 2012/13.
