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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. -
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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Restrengthening to Category 5 is still possible, Siffert warns.
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Earlier this week, Moody’s RMS Event Response estimated the event would cost $8bn-$14bn.
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Prior forecasts indicated a more northward track towards Tampa Bay and St Petersburg.
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The storm is now predicted to make landfall south of Tampa Bay.
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The NHC is predicting storm surge, exacerbated by the tide, as high as 15 ft for Tampa Bay.
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The Mexican cat bond offers $125mn of protection against Atlantic named storms.
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A hurricane warning has been issued for the east coast of Florida.
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Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge.
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Hurricane Milton strengthened from a tropical storm on Sunday to a Category 5 storm yesterday.
