Weather
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The model factors in the effects of climate change to date. -
The Mexican cat bond offers $125mn of protection against Atlantic named storms.
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The early May forecast is driven by factors including the El Niño Southern Oscillation.
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The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.
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The CCRIF has paid out $265mn since its inception in 2007.
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A total of 10 events caused more than $1bn in losses each.
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Tornados in the first six months of the year in the US were slightly above the 27-year average.
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Fort Lauderdale Hollywood airport was forced to close as a result of the flooding caused by the 25 inches of rain that fell on Wednesday and Thursday.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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The state is contending with flash flooding, mudslides, rockslides, power outages and high winds.
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Landslides, avalanche risks and submerged highways are just some of the extreme consequences of the storms.
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The city of Buffalo in New York state was worst impacted, but power was also knocked out in areas stretching from Maine to Seattle.
