Reinsurers still waiting for confirmation of hurricane Ike losses


Reinsurers have been announcing the extent of their losses from hurricane Ike for a couple of weeks now, but we still have no official word from the ISO-PCS team as to the total loss incurred from the storm and whether the magic $10b number has been exceeded.

$10b is a loss trigger amount for a variety of instruments such as IFEX event-linked futures and industry loss warranty contracts.

The Insurance Insider is reporting an initial estimate from PCS (Property Claims Services) of $8.1b which is under the trigger amount, however that has yet to be confirmed. At the same time, Munich Re have published their loss estimate for hurricane Ike which they peg at around $400m. In the same release (from Reinsurance Magazine) they say they expect Ike to give rise to market losses of $15b which would surpass the trigger.

Some clarity around the actual impact of Ike would seem to be needed so reinsurers and anyone else with interests in potentially affected ILW’s or ELF’s know where they stand.

Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.