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Losses to the NFIP-sponsored cat bonds remains a key area of uncertainty, the investment manager reported. -
A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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On Wednesday, the model had suggested a mean figure at $25.3bn.
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The hurricane is likely to prevent rate reductions in property cat in 2025.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
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Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.
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This is based on insured loss estimates of between $20bn and $60bn.
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The pre-landfall figures are not an official loss estimate from the modeller.
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The hurricane has destroyed hundreds of homes and left more than 2.7 million homes without power in Florida.
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Milton’s center is projected to make landfall near or just south of Tampa Bay.
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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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The NHC storm track predicts landfall below Sarasota, south of Tampa Bay.
