These new levels of cover allow for increased protection from multiple events following loss triggers levels of $10bn, $20bn, $30bn, $40bn and $50bn per event.
Explanation of contract structure and loss trigger levels from the IFEX website:
The Event structure of the ELF contracts is designed to follow the pattern of Industry Loss Warranty reinsurance policies. Thus a tropical storm or hurricane that causes insured losses of $10.1bn will trigger the First Event $10bn Loss Trigger Level. A second tropical storm or hurricane causing $20.1bn of insured losses in the same loss period (calendar year) will trigger the Second Event $10bn Loss Trigger Level and the First Event $20bn Loss Trigger Level.