hurricane Irma 2017

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.