2016 Atlantic tropical storm season

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Hurricane Otto heads for Nicaragua & Costa Rica

Hurricane Otto, the fifteenth named storm and seventh hurricane of the 2016 Atlantic storm season, formed in the Caribbean this week and has intensified into a category 1 storm with sustained winds of 75 mph as it heads for a landfall near the Nicaragua and Costa Rica border.Hurricane Otto becomes read the full article →

Hurricane Matthew insured loss up to $5bn U.S., $3bn Caribbean: RMS

The insurance and reinsurance industry could face losses from hurricane Matthew of up to $5 billion for damage in the U.S. and up to $3 billion for damage across the Caribbean, according to risk modelling firm RMS.RMS is the latest to provide an official estimate of insured losses due to read the full article →

50% of mid-estimate $5bn Matthew loss to fall to reinsurance: JPM

Analysts at J.P. Morgan have said that an approximate $5 billion insured industry loss from hurricane Matthew would see reinsurers front roughly 50% of the bill, and would see Europe’s big four reinsurers call on divergent levels of retrocession.Insurance and reinsurance industry loss estimates from the impact of hurricane Matthew, read the full article →

AIR puts hurricane Matthew insured loss at up to $8.8bn

Risk modelling firm AIR Worldwide has provided its initial estimate of insurance and reinsurance industry losses from hurricane Matthew, putting the figure somewhere in a range from $2.8 billion to as high as $8.8 billion across the United States and the Caribbean.AIR Worldwide estimates that insurance and ultimately reinsurance industry read the full article →

FedNat to call on reinsurance for hurricane Matthew, HCI to retain

Primary insurance company loss estimates are now being announced, with the latest being Federated National Insurance (FedNat), which is set to call on its reinsurance panel, while Homeowners Choice Group (HCI) said the loss will not trigger reinsurance recoveries outside of HCI.The first primary insurer to announce a loss estimate read the full article →

KCC puts hurricane Matthew insured losses at $7 billion

Risk modelling company Karen Clark & Company (KCC) has estimated that the insurance and reinsurance industry will be liable for an industry loss of around $7 billion from hurricane Matthew's impact on the United States.KCC is the second risk modelling firm to publish an official estimate of insurance and reinsurance read the full article →

Early Hurricane Matthew insured loss estimates suggest up to $6bn

Insurance and reinsurance sector losses from hurricane Matthew are currently converging on a total impact of around $6 billion, but it is still very early to put a figure on the impact of Matthew given the large area of U.S. coastline affected.Risk modelling firm CoreLogic is the first to offer read the full article →

ILS investors to share “material portion” of Matthew loss: Dubinsky

Investors in insurance-linked securities (ILS) funds (or other structures such as sidecars) will share a "material portion" of the eventual losses from hurricane Matthew, according to Bill Dubinsky of Willis Capital Markets & Advisory (WCMA).It remains too early to discuss the exact estimated loss that will result from hurricane Matthew, read the full article →

Hurricane Matthew a test for re/insurers, ILS: Rating agencies, analysts

Hurricane Matthew's close encounter (so far) with the Florida coastline, and as Georgia and South Carolina are also set to feel the hurricane's force, could be the first real test for insurance, reinsurance and insurance-linked securities (ILS) players in recent years, according to rating agencies and equity analysts.Despite the fact read the full article →

As Matthew strikes Florida coast still difficult to forecast losses

The risk of a major insurance and reinsurance industry loss seems to have decreased with the last few forecast updates for hurricane Matthew, as the path looks more likely to remain offshore of the Florida and southeast U.S. coastline.However, uncertainty does still remain high, as any shift further westward could read the full article →