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Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today. -
The further losses edge into the $20bn range, the more the loss will shift to the retro market, but high uncertainty remains.
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It has just one class of notes which will trigger on an indemnity, per occurrence basis against any wildfire in the state of California.
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Experts fear for survivors, who now face an intense heatwave and up to a month without electricity.
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There is no such thing as an average loss year, but investors will still be looking for benchmarks.
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Aggregate deals remain an exposure, but overall Ida should be a more readily digested loss than surprise disaster scenarios.
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Post-Covid demand surge is a particular focus and fear.
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Twelve Capital said that typically 70%-80% of aggregate cat bond deductibles remain after earlier loss events.
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Ida has weakened to a tropical storm after knocking out power to New Orleans and other coastal areas of Louisiana overnight.
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Pre-landfall livecat ILW interest was marked by a $15bn-$20bn split in buy/sell appetite.
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It is currently expected to make landfall on the Gulf Coast of Louisiana in the early hours of Monday morning.
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Around EUR6.5bn of losses will come from the residential buildings, household contents and business claims, and around EUR450m will come from automotive claims.
