-
The storm tore through north-western Europe in October, with major losses in France, Germany and Belgium.
-
The firm’s senior meteorologist noted activity was in line with expectations on major storms, if not all named storms.
-
With sustained windspeeds of more than 60mph, the storm disrupted power supplies and transport lines
-
Nearly three months on, the event still seems heavily stacked towards residential claims.
-
The loss-tracking agency’s claims total for Louisiana rose by roughly $1bn, as losses hitting New York increased by $0.5bn.
-
ILS Capital described it as “the ultimate short-tail risk” but noted structural and sourcing challenges for ILS writers.
-
The fundraise will support collateralised reinsurance deals with the firm initially targeting Californian wildfires.
-
On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.
-
The cat bond market has priced a $20mn tranche of Safepoint’s 2019 Manatee Re cat bond for a full loss after Hurricane Ida as two regional, low-attaching deals are set to be impacted by the 2021 hurricane.
-
Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.
-
Record rainfall has caused floods and landslides across the Canadian province of British Columbia, leading to at least one death and cutting all rail access to the country’s largest port in Vancouver, according to Reuters.
-
The four major European reinsurers reported strongly improved results in the first nine months of 2021, despite the heavy toll of catastrophe claims, according to analysis from Fitch.