Hurricane Ida 2021

Property insurers based and operating in the state of Louisiana continue to see losses creep higher from 2021’s hurricane Ida, with the total loss now reaching $13.9 billion, according to the state’s Insurance Commissioner.

Louisiana Citizens Property Insurance Corporation, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, has had a steep 63% residential property insurance rate increase approved by the regulator.

Additional loss creep from 2021’s hurricane Ida has now eroded another layer of Louisiana Citizens’ catastrophe bond backed reinsurance protection, with the $50 million Class B notes of the residual market insurers’ Pelican IV Re Ltd. (Series 2021-1) cat bond set to pay out all of their principal in a reinsurance recovery.

Property insurers based and operating in the state of Louisiana have continued to see the claims tally from last year’s hurricane Ida creep higher, with the total loss now reaching $13.1 billion, according to the state’s Insurance Commissioner.

The maturity dates for both tranches of Safepoint Insurance Company’s most recently sponsored catastrophe bond, the $40 million Manatee Re III Pte. Ltd. (Series 2019-1) transaction, have now been extended as claims development continues, we understand.

Insurers based and operating in the state of Louisiana are reported to be on the hook for $10.5 billion of losses from last year’s hurricane Ida, according to the state’s Insurance Commissioner.

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, saw strong inflows from investors in time for the January renewal season, as its Capital Partners unit raised $453 million from external investors.

For our latest Artemis Live video interview we wanted to understand how the industry loss from Hurricane Ida has been developing and explore the complexities in the reconstruction and recovery that could impact just how high the insurance and reinsurance market loss could rise.

Both tranches of Safepoint Insurance Company’s most recent catastrophe bond, the $40 million Manatee Re III Pte. Ltd. (Series 2019-1) transaction, have now been marked down significantly in the secondary market on potential losses of principal driven by hurricane Ida’s impacts.

Louisiana Citizens Property Insurance Corporation has reported an estimated loss from hurricane Ida of around $461 million, but thanks to its low retention on its reinsurance tower and its catastrophe bonds, the residual market insurer will only retain $35 million.