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The Florida carrier suggested that Ian will not exhaust the state’s reinsurance Cat Fund. -
Buyers are more open than ever to different sources of capacity, but the timing of entry will not be on the industry’s terms.
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The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
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The state insurance body received reports of 375,293 claims as of 6 October.
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The carrier has under 3% market share in Florida homeowners’ business in 2021.
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The estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
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As of October 4, Fema has received more than 25,000 claims and pushed out over $3.5mn in advance payments in Hurricane Ian affected states.
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Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.
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The industry’s performance was running ahead of last year as of end of August.
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The loss estimate does not include litigation or claims below the deductible.
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Paul Shedden joins from Sompo International, where he was head of portfolio design, pricing and analytics – global insurance.
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The cat bond market has a high level of exposure to Florida wind risk.
