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The coverage is designed to reduce the island’s obligation to the US Federal Emergency Management Agency. -
The economic loss, including damage to public infrastructure, is expected to hit EUR9bn.
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ILW limit of around $1bn could change hands depending on where the Hurricane Ian industry loss number settles.
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The 7.8 magnitude earthquake struck southern Turkey and northern Syria on 6 February, followed by a series of aftershocks.
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At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.
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The broker estimated global reinsurance capital rose by $30bn over the first quarter, with a 7% uplift in alternative capital and a 5% recovery to traditional equity.
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The firm says hail alone is estimated to make up 95% of losses, making it one of the biggest hail losses in history.
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The $49.4bn number remains below a critical ILW threshold.
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The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.
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Damaging hail and wind hit Texas, Arkansas, Mississippi and Georgia.
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There has never been a named storm to form in the eastern tropical Atlantic this early in the season.
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