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Florida domestic insurers have around $2.5bn of on-risk cat bonds, with flood and other ILW based deals exposed to the storm. -
The storm made landfall Wednesday with maximum sustained wind speeds of 150 mph at 3:05 PM ET.
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The insurer-of-last-resort does not expect the hurricane to attach its reinsurance at this stage.
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NHC discontinued warnings of hurricane and storm surge for the Dry Tortugas.
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The storm’s likely quantum is still highly contested, but all scenarios are challenging for Florida homeowners and cat treaty writers.
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Hurricane Ian is currently moving north-northeast at 9 mph, 1 mph below the speed registered in NHC’s update earlier today at 08:00 ET.
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The state’s property carriers are closely watching the progress of Hurricane Ian.
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The storm has sped up considerably over the past six hours.
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Storm surge may be felt in Tampa even if Ian does not land in the city.
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The dangerous storm is now projected to make landfall between Sarasota and Port Charlotte, Florida.
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The storm is due to turn north-northeast and slow down after passing over Cuba today.
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Hurricane Ian is expected to make landfall in Cuba today before moving through the south-eastern Gulf of Mexico into tomorrow.
