Claims and losses

Swiss Re Capital Markets said there was a ‘strong chance’ of a record-breaking year in size and number of new bonds.

"Finally we feel things are moving forward," says West Kelowna fire chief Jason Brolund.

Data from the NHC shows that maximum sustained winds are near 65mph, with higher gusts.

The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.

Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.

The Cat-4 storm is likely to weaken as it approaches the California coast.

The storm could cause between three to 10 inches of rainfall across portions of the Baja California Peninsula through Sunday night, with possible flash flooding from late Friday into late Sunday.

The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.

Allstate reported cat losses of $1bn and $885mn for June and May.

The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.

Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.

Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis.