Archive for October, 2012

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S&P expects Sandy to qualify as covered loss on aggregate catastrophe bonds

Rating agency Standard & Poor's has published its first update on the impact of hurricane Sandy to the insurance, reinsurance and catastrophe bond sector. Generally, S&P said that partly due to the strong earnings the sector has had so far in 2012, they expect Sandy will only have a limited read the full article →

Caribbean Catastrophe Risk Insurance Facility: No payouts from Sandy

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has published a report suggesting that hurricane Sandy has not triggered the facility for any of its member countries. Three members were hit by Sandy, with Jamaica being first, then Haiti was impacted by Sandy's rains and finally the Bahamas was next in read the full article →

The hurricane Sandy business interruption conundrum

The issue of business interruption and contingent business interruption insurance losses is becoming a major conundrum when it comes to estimating the total insured loss caused by hurricane and post-tropical storm Sandy. Business interruption claims can take weeks to develop, longer to be reported and quantifying the actual exposure is read the full article →

Credit Suisse expecting Sandy impact to funds (and DCG Iris), industry loss of up to $18B

Sandy impact reports are coming in from all angles now. The latest is from Credit Suisse who have said that if industry losses from hurricane Sandy meet their expectations, they expect an impact to one of their insurance-linked security and catastrophe bond funds. As well as affecting the CS IRIS read the full article →

AIR Worldwide estimates Sandy insured loss at between $7B and $15B

We have another estimate of the insured losses caused by hurricane Sandy from risk modeller AIR Worldwide and it's higher than previous estimates which were largely pre-landfall. After analysing the impact of Sandy and with the additional insight gleaned from damage reports received so far, AIR Worldwide estimates that insured read the full article →

Plenum Investments: Update – 90% probability of no loss to ILS fund from Sandy

Swiss insurance-linked securities investment manager Plenum Investments continues to be proactive in communicating with its investors on the potential impact that hurricane Sandy could have on its ILS fund. Earlier today we wrote that they expected no loss to and of the catastrophe bonds in their fund. That remains the read the full article →

Plenum Investments: No impact to ILS fund expected from hurricane Sandy

Regularly the first investment manager to come out with an official statement after a catastrophe event, Swiss insurance-linked securities investment manager Plenum Investments has said that they don't expect any impact from hurricane Sandy to their ILS fund or any of the catastrophe bonds they invest in.Update: Plenum Investments issued read the full article →

Sandy hits U.S. northeast with deadly blow, impacts from storm continue

Hurricane Sandy is now an extra-tropical storm, currently positioned in south east Pennsylvania and forecast to slowly move through that state towards the Great Lakes. Sandy still has winds of up to 65mph with some higher gusts, is still a large and damaging storm and still threatens extreme rains and read the full article →

EQECAT estimates Sandy insured loss $5B-$10B comments on cat bonds

Risk modelling firm EQECAT kindly gave us some thoughts on hurricane Sandy and how they see the potential for impact to catastrophe bonds. Tom Larsen, SVP and Product Architect, sent us some exclusive insight on Sandy which we include below. EQECAT have given an early estimate of $10 billion to read the full article →

Catastrophe bond market participants comment on Sandy

We've been busily canvassing opinions and thoughts on hurricane Sandy's potential impact from our contacts and friends in the marketplace today. Sandy is still threatening to be the worst northeast hurricane in memory, larger in size, with stronger winds and threatening a larger storm surge than last years hurricane Irene. read the full article →