hurricane Irma 2017


Irma loss creep may accelerate as statute runs down, warns A.M. Best

Loss creep from 2017's hurricane Irma may accelerate over the next few months as the statute of limitations for filing claims approaches in September, rating agency A.M. Best warned today. Policyholders have a three-year window to file property insurance claims from hurricanes in Florida and for hurricane Irma that will expire read the full article →

Hurricane Irma claims paid data reaches $17.44bn in Florida

Finally, the Florida Office of Insurance Regulation (FLOIR) has updated its published data on claims paid by the insurance market due to 2017's hurricane Irma, with the total jumping significantly to just over $17.44 billion. The last time the FLOIR reported its estimate of the costs incurred by insurance markets from read the full article →

Floridians add to Irma ultimates in Q4, but praise reinsurance providers

In the final quarter of 2019 Florida's primary insurance carriers continued to add to their ultimate net losses from 2017's hurricane Irma, demonstrating that the loss creep continued more than two years after the catastrophe event. But these carriers are all too aware of the assistance that their reinsurance panels have read the full article →

Irma loss creep still evident, but reinsurance impact slowing

Loss creep from hurricane Irma has remained evident for the major insurers operating in Florida in the third-quarter of the year, but the impact to reinsurance markets is slowing and the Florida Hurricane Catastrophe Fund (FHCF) has been soaking up much of the new claims inflation, at least from larger read the full article →

Another $100m tranche of Heritage’s Citrus Re cat bonds pays out

Another $100 million tranche of Florida focused property and casualty insurer Heritage Insurance Holdings, Inc’s Citrus Re Ltd. catastrophe bond tranches looks to have paid out, as the cat bond note balance went to zero and the extended tranche was allowed to mature. As we explained recently here, two of Heritage's read the full article →

Safepoint’s Manatee 2016-1 cat bond matures, $20m loss realised

Safepoint Insurance Company's 2016 Manatee Re catastrophe bond has been matured, which we're told allowed the $20 million reinsurance recovery to be made so investors could realise their losses from the hurricane Irma impacted Manatee Re 2016-1 Class C notes. Almost immediately after hurricane Irma struck Florida in September 2017 it read the full article →

Some of Heritage’s Citrus Re cat bond tranches appear to be paying out

Some of Florida focused property and casualty insurer Heritage Insurance Holdings, Inc's Citrus Re Ltd. catastrophe bond tranches appear to be paying out, following the rising losses the carrier suffered after hurricane Irma in 2017. Heritage was among the insurers with the broadest exposure to 2017's hurricane Irma, given its significant read the full article →

Hurricane Irma claims paid pass $11.1bn but 76,298 remain open – Florida regulator

The Florida Office of Insurance Regulation (FLOIR) has recorded another near 6% rise in the number of insured claims from last year's hurricane Irma to roughly $11.1 billion and this loss creep is set to continue as 76,298 claims from the storm are still open in the state. Hurricane Irma loss read the full article →

Florida Citizens to recover $126.4m from reinsurers for hurricane Irma

Florida’s Citizens Property Insurance Corporation has revealed that it expects to claim back $126.4 million from the private reinsurance market to help it pay for claims from hurricane Irma. Florida Citizens experience with hurricane Irma claims escalation has reflected the market, with loss creep and assignment of benefits (AOB) related issues read the full article →

ILW volumes rise in 2018, price softens despite capacity shortages: Aon Securities

Industry loss warranty (ILW) trading volumes have risen in 2018 so far, with protection buyers showing renewed interest in the industry loss trigger based product, but while volumes rose Aon Securities has also noted that, despite capacity shortages at times, ILW prices are tending to soften. Year over year capacity has read the full article →