Claims and losses

Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.

This late in the year, where the claims land in terms of historic tornado loss parallels is almost irrelevant to the question of disruption, as the event will compound existing delays.

Domestic carrier Definity has said the event could cost it up to C$25mn.

Hail, wind and torrential rain struck Victoria and Tasmania.

Cat risk-takers are benefitting from some money leaving the sector, but is this disruption creating inefficiencies as well?

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.