Claims and losses

“It's at the five- and 20-year return periods where insurers have to start looking and be worried about making sure these models capture these events,” Clark told this publication in an interview.

Now crossing the Atlantic, Larry is expected to rapidly strengthen as it heads west.

The carriers with the largest Louisiana market shares also ceded more than $100mn to Lloyd’s syndicates during 2020.

Casinos and ski resorts have shut down, and hotels are housing firefighters in usually buzzing holiday destinations near South Lake Tahoe, California.

The storm has moved north across the US after making landfall in Louisiana at the weekend.

The energy market is being watched closely due to its potential to produce large risk losses.

The company predicts that total insured and uninsured losses from the storm overall will amount to between $27bn and $40bn.

The area of Laplace was the worst impacted on ICEYE’s list, with a total of 10,390 structures affected, 370 of which were in a high depth of water.

The ratings agency said that a surge in demand could add to the costs of rebuilding.

The Caldor Fire, which is 18% contained, has been active for 17 days and in that time destroyed 675 structures and damaged 40.

The estimate includes damage to residential, commercial and industrial property and vehicles.

Damage to crucial power infrastructure caused by the storm left over one million Louisiana residents without power.