2023 Atlantic hurricane season news

Another estimate for the eventual insurance and perhaps reinsurance market loss from hurricane Idalia has been released, with Moody’s RMS opting for a $3 billion to $5 billion range.

Verisk has estimated that insurance industry losses from recent hurricane Idalia will total between $2.5 billion and $4 billion.

The reinsurance sector will likely only feel a “minimal” impact from hurricane Idalia, as its losses are destined to be largely retained by primary insurers, AM Best has said.

The first post-landfall insurance industry loss estimate for hurricane Idalia has now been revealed and Karen Clark and Company have estimated the wind and surge industry loss at just $2.2 billion.

Early indications are that the insurance and reinsurance industry loss from hurricane Idalia is estimated to be in a range from the high single-digit billions of US dollars, to low double-digit billions, catastrophe bond and ILS investment manager Twelve Capital has said today.

Early estimates for the insurance and reinsurance industry loss caused by the impacts of hurricane Idalia in Florida and southeastern US states appear to be in a range for roughly $3 billion to $9 billion, with most erring towards the lower-half.

The catastrophe bond market looks set to escape any significant impacts from hurricane Idalia, despite the fact a major storm landfall in the state of Florida is typically seen as one of the main events the cat bond market could be exposed to.

The eventual industry losses from hurricane Idalia are not expected to be that significant, with analysts at KBW saying they could be well below $10 billion, but also explaining that this should help to sustain demand for reinsurance.

Major hurricane Idalia has made landfall on the Florida Big Bend with winds around 125 mph near Keaton Beach at 7.45am EDT and now major hurricane impacts will spread through the landfall region of Florida, while hurricane and tropical storm impacts can be expected more widely and into Georgia and the Carolinas as well.

Hurricane Idalia has intensified further in recent hours and has become a major Category 3 storm with 125 mph sustained winds. But further strengthening is now expected right up to landfall, where major hurricane Idalia is forecast to have Category 4 winds of around 130 mph when it reaches the Florida Big Bend area of […]