Reinsurance News

Projections for the potential insurance industry loss from hurricane Milton given just a few hours before landfall by two reinsurance broker meteorologists ranged from $15 billion to $40 billion, which appears a reasonable place to begin thinking about the potential quantum of losses set to be experienced.

Hurricane Milton made a damaging category 3 landfall in Siesta Key, Sarasota County last night, which is south of Tampa Bay and so the worst case loss scenarios involving significant storm surge into Tampa metro have been avoided. But, Milton is still a large storm, with widespread hurricane wind speeds and impacts across the entire […]

There is not much else to say on major hurricane Milton, as still uncertainty is high over the eventual quantum of losses the storm will cause in its expected damaging impacts on Florida. But importantly, the insurance, reinsurance, catastrophe bond and insurance-linked securities (ILS) markets will be there to pay claims as and when appropriate.

Analysts at Goldman Sachs believe that a hurricane Milton insurance industry loss of above $25 billion will be sufficient to change the pricing narrative for property catastrophe risks at the end of year reinsurance renewals.

According to specialist insurance-linked securities (ILS) investment manager Euler ILS Partners, there is a roughly 33% chance that industry losses from hurricane Milton rise above $50 billion and if that were to happen the manager believes it could drive a very hard market across reinsurance.

This morning hurricane Milton has strengthened back to a Category 5 major hurricane overnight, with sustained wind speeds of 160 mph and gusts estimated at over 200 mph. Last night, Milton wobbled slightly south of the NHC forecast cone center line, but remains locked onto Tampa Bay, with a track consensus just slightly to the […]

Hurricane Helene is estimated to drive private market insurance and reinsurance industry losses in a range from $6 billion to as high as $11 billion by Verisk.

In his latest update yesterday evening, Andrew Siffert, Senior Meteorologist at broker BMS Group, explained that he feels it is safe to say that hurricane Milton is likely to be at least a $20 billion insurance market loss event, while even a best possible scenario of a wind shear impacted Milton going into Tampa Bay […]

Major hurricane Milton continues to bear down on Florida and in recent updates from the National Hurricane Centre warning areas for the Florida Peninsula have been expanded, with an expectation the storm could sustain hurricane wind speeds all the way as it crosses the state from west to east.

Amwins, the insurance origination and distribution specialist, has partnered with insurtech Floodbase, which acts as a data provider and reporting agent for parametric risk transfer arrangements, to launch a new product targeted at California Municipalities.