tropical storm Michael 2018

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Markets fear an Irma-like loss creep for hurricane Michael

ILS and some reinsurance markets are beginning to show signs of fearing and in some cases expecting an Irma-like loss creep to occur with more recent hurricane Michael, leading some to even suggest that the industry insured loss could near $12 billion.At the moment the industry loss estimates for hurricane read the full article →

Hurricane Michael industry loss said up to $10bn by RMS

The industry loss to insurance and reinsurance interests from hurricane Michael is estimated to be somewhere between $6.8 billion and $10 billion by RMS, with the majority driven by wind damage to residential properties.RMS' industry loss estimate for hurricane Michael aligns with others that suggest the final bill to the read the full article →

Carriers have capital & reinsurance to respond to hurricane Michael: Demotech

Insurance carriers reviewed by Demotech all have the capital and reinsurance backing that is required for them to respond to claims in the wake of hurricane Michael, a storm that may have caused as much as $15 billion to $20 billion of insured losses according to the firm.Demotech says that read the full article →

Hurricane activity may support January 2019 reinsurance pricing: Morgan Stanley

Reinsurance pricing at the upcoming key January 2019 renewals could be supported by the active hurricane season and the unique features of recent storms, meaning rates may hold up better than had been anticipated, according to Morgan Stanley's analysts.Morgan Stanley's analyst team had been expecting reinsurance rates to return to read the full article →

AIR puts hurricane Michael industry loss estimate at $6bn to $10bn

Hurricane Michael is estimated to have caused the insurance and reinsurance industry a loss in the range of $6 billion to $10 billion by catastrophe risk modeller AIR Worldwide.This is closely aligned with the estimate provided last week by Karen Clark & Co., which said it believes the final industry read the full article →

FedNat sees $275m hurricane Michael hit, expects to retain just $23m

U.S. primary insurer FedNat expects to pass on most of its losses from hurricane Michael to its reinsurance providers, with an estimated $275 million gross loss anticipated, but as little as $23 million expected to be retained by the firm.It's the first sign that hurricane Michael will result in a read the full article →

No cat bond loss expected from hurricane Michael: Plenum

The eventual insurance and reinsurance industry loss from last weeks hurricane Michael is not expected to trigger any of its catastrophe bond positions, according to specialist insurance-linked securities (ILS) investment manager Plenum.Zurich based specialist insurance-linked securities (ILS) and catastrophe bond investment manager Plenum Investments said that the hurricane would not read the full article →

ILS market exposure to hurricane Michael not material: Fitch

The insurance-linked securities (ILS) market's exposure to hurricane Michael is not expected to be material, according to Fitch Ratings, although some losses will fall to collateralized reinsurance and quota shares exposed to the lower layers of programs covering the affected region.With hurricane Michael's industry losses from wind and storm surge read the full article →

Hurricane Michael loss estimate raised by Corelogic, now up to $5bn

Catastrophe risk modelling specialist Corelogic has increased its estimate for the wind and storm surge related insurance industry loss from hurricane Michael, adding half a billion to each end of its estimate range, making it $3 billion to $5 billion.That still sits quite far below the industry loss estimate from Karen read the full article →

2018 losses with Michael still an earnings event, pricing to be unfazed: S&P

All of the catastrophe related loss activity witnessed around the globe so far in 2018, including this weeks impacts from hurricane Michael, will still be absorbed by the combined earnings of insurance and reinsurance firms, according to Standard & Poor's.S&P expects that hurricane Michael will be an earnings event, rather read the full article →