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Over $1.5tr of property value at risk of hurricane storm surge: CoreLogic

Analysis from global property information, analytics and data-enabled service provider, CoreLogic, reveals that almost 6.9 million homes along the Atlantic and Gulf coasts, with a combined reconstruction cost value (RCV) of over $1.5 trillion, are at risk of hurricane storm surge inundation.CoreLogic has released its 2017 Storm Surge Report, which read the full article →

Swiss Re helps NY MTA to “transparent” parametric MetroCat cat bond

Global reinsurance firm Swiss Re helped the First Mutual Transportation Assurance Company ("FMTAC"), the New York State captive insurer of the Metropolitan Transportation Authority ("MTA"), to "transparent" protection through its $125 million MetroCat Re Ltd. (Series 2017-1) catastrophe bond.The capital markets and investment banking specialist unit of the reinsurer, Swiss read the full article →

New York MTA uses ILS to create “tension” between reinsurance markets

Executives from New York Metropolitan Transportation Authority (MTA) and its captive insurance subsidiary, First Mutual Transportation Assurance Co. (FMTAC), have discussed how the entity utilises the capital markets to create tension and competition between markets when placing its reinsurance program.The MTA’s 2017-2018 property reinsurance program is capitalised to the tune read the full article →

New York MTA’s new MetroCat Re 2017 cat bond priced below mid-point

The new $125 million MetroCat Re Ltd. (Series 2017-1) catastrophe bond from the New York Metropolitan Transportation Authority (MTA) has now been priced at a level below the middle of guidance and sources tell us the deal has not been upsized.The second catastrophe bond to be sponsored by the New York read the full article →

New York MTA targets $125m parametric MetroCat Re 2017-1 cat bond

The New York Metropolitan Transportation Authority (MTA) is returning to the catastrophe bond market for its second issuance, a $125 million MetroCat Re Ltd. (Series 2017-1) cat bond, which will provide the NY MTA's captive insurer the First Mutual Transportation Assurance Co. with parametric storm surge and earthquake reinsurance protection.The read the full article →

Storm surge risk across U.S. coastline on the rise: RMS

New analysis by catastrophe risk modelling and management firm RMS, reveals that rising sea levels signal a potential rise in economic and insured losses from hurricane-driven storm surge across the U.S. coastline.The new study examines six U.S. coastline cities’ current exposure to storm surge activity and how this is expected read the full article →

Number of U.S. homes susceptible to storm surge rises: CoreLogic

The amount of homes at risk of storm surge along the Gulf and Atlantic coasts has increased to 6.6 million from 2014, while the total reconstruction cost values (RCV) of the properties has remained at an estimated $1.5 trillion, according to CoreLogic.A new report by global property information, analytics and read the full article →

Research suggests it doesn’t take a storm to create a surge in sea levels

Research into the “unprecedented” and “very unusual” significant surge in sea levels that occurred on the East Coast of the U.S. during 2009 and 2010, claims to have found the cause of the storm surge-like phenomena.Typically, when a hurricane or severe winter storm strikes the resulting impact on ocean levels read the full article →

Karen Clark & Co. launches U.S. storm surge risk model

A new, comprehensive, high-resolution storm surge model for the U.S. has been released by catastrophe risk modelling and analysis firm Karen Clark & Company (KCC), which it believes will help ILS investors to get more comfortable with this risk.According to KCC its new model offers some significant advantages compared to read the full article →

NOAA to provide storm surge watch and warnings for hurricanes

The U.S. NOAA’s National Hurricane Center (NHC) has announced plans to launch a storm surge watch and warnings graphic, the next phase following their Potential Storm Surge Flooding Map that launched at the start of the 2014 Atlantic Hurricane Season.As we reported previously at Artemis the NHC released the freely, read the full article →