hurricane Irma 2017

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Hurricane Irma insured claims rise another 8% to $10.5bn – Florida regulator

With the hurricane Irma related loss creep continuing to be experienced by the market, the number of insured claims counted by the regulator in Florida has reported another 8% rise in total insured losses from claims reported, now reaching almost $10.5 billion. As a result, the impact to insurance, reinsurance and read the full article →

ILW prices fall for Florida wind, despite Irma loss creep

Industry loss warranty (ILW) pricing for Florida wind contracts and all natural perils has fallen in recent weeks, despite the fact that further ILW losses are expected after recent updates to insurance and reinsurance industry loss estimates for hurricane Irma. It's a further sign that pricing in general for property catastrophe read the full article →

Irma loss creep hits Lloyd’s syndicates & Floridian insurers

The creeping insurance and reinsurance industry-wide loss from last year's hurricane Irma continues to impact the industry, with new loss creep estimates emerging from segments of the market that were most affected, now including Lloyd's of London syndicates and the leading Floridian primary insurers. As the industry impact of hurricane Irma read the full article →

More ILW’s to pay out on latest hurricane Irma industry loss increase

A number of industry-loss warranty (ILW) contracts providing retrocessional reinsurance are set to pay out after the latest updates to third-party data providers estimates of insurance industry losses caused by last year's hurricane Irma. At the beginning of July the industry loss estimate for hurricane Irma passed another key ILW trigger read the full article →

Heritage CEO says hurricane Irma gross loss closing on $800m

Florida headquartered, nationally expanding U.S. property casualty insurer Heritage Insurance Holdings, Inc.has estimated that its gross losses from last year's hurricane Irma now stand at up to $800 million, suggesting greater impacts to the firms Citrus Re catastrophe bonds. Initially after hurricane Irma, Heritage had reported a gross loss from the read the full article →

United (UPC) hiked Irma loss by 56% in Q2, raising toll for ILS backers

Property and casualty insurance company United Insurance Holdings (UPC Insurance) has significantly increased its estimate for losses caused by hurricane Irma during the first-half of the year, raising the total by 56% to $623 million and meaning more losses passed onto its reinsurance capital providers. United's UPC Insurance is a significant read the full article →

Hurricane Irma insured losses nearing $10bn, says Florida regulator

Reflecting the hurricane Irma related loss creep experienced by insurance-linked securities (ILS) funds and reinsurance vehicles, the regulator in Florida has reported a 13% rise in total insured losses from claims reported to more than $9.7 billion. Still the regulator reports over 92,500 insurance claims from hurricane Irma are still open read the full article →

Universal to pass on $50m hurricane Irma loss creep to reinsurance

Florida headquartered primary insurance company Universal Insurance Holdings is set to pass on another $50 million of losses from hurricane Irma to its reinsurance panel, after its gross loss exposure to the catastrophe event increased during the last quarter. Speaking during the insurers first-quarter earnings call yesterday, President and Chief Risk read the full article →

Hurricane Irma claims pass $8.6bn

According to the Florida Office of Insurance Regulation (FLOIR) the value of insurance claims from hurricane Irma in the state of Florida has risen to just over $8.6 billion, with still more than 100,000 claims remaining open. It's around a 7% increase from a February estimate of just shy of $8 read the full article →

Heritage extends two tranches of Citrus Re 2015 cat bond for loss development

Florida focused property and casualty insurer Heritage Insurance Holdings, Inc. has elected to extend the maturity for two tranches of its Citrus Re Ltd. (Series 2015-1) catastrophe bond, as the company waits for loss to continue developing following last year's hurricanes. The Citrus Re 2015-1 cat bond was already understood to read the full article →