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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said. -
Asagao VI is fourth largest private cat bond deal this year.
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The Floridian insurer’s loss from the hurricane was within its reinsurance retentions.
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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The 2020 bond provides $125mn of parametric, per occurrence coverage.
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Investors will have to wait for official Verisk data before knowing if the bond will trigger.
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The CCRIF has paid out $265mn since its inception in 2007.
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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully.
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Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
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By region, convective storms in the US alone accounted for 60% of global insured losses.
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Most of the losses, around 80%, were the result of two wind and hail events.
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