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RMS will issue its final loss estimates for Milton later this week. -
Plenum said wind damage from Milton could lead to “moderate” losses for its cat-bond funds.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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The company is monitoring the NFIP’s flood-exposed bonds.
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This is a far narrower drop than post Ian, when the index was lost 10%.
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A client presentation from the broker put total insured losses at $25bn-$40bn, leaving the Citizens and the National Flood Insurance Programs clear of reinsurance impacts.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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Losses to the NFIP-sponsored cat bonds remains a key area of uncertainty, the investment manager reported.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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On Wednesday, the model had suggested a mean figure at $25.3bn.
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The hurricane is likely to prevent rate reductions in property cat in 2025.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
