hurricane Irma 2017

Reinsurance giant Munich Re has revealed the scale of the impact of hurricanes Harvey, Irma and Maria, as well as other losses including the Mexico earthquakes this morning, saying it expects its third-quarter major losses will run to approximately EUR 3.2 billion ($3.8bn).

Lloyd’s of London has lowered its estimate of the insurance and reinsurance market’s loss from hurricanes Harvey and Irma to $3.9 billion, down from the $4.5 billion it had estimated at the end of September, and has added an estimate of $900 million for losses from hurricane Maria.

Reinsurance and retrocessional reinsurance investment manager Markel CATCo Investment Management has implemented loss reserves for hurricanes Harvey, Irma and Maria amounting to 20% of net asset value for its listed retrocession strategy, the CATCo Reinsurance Opportunities Fund Ltd.

Hurricane Irma related insurance claims in Florida have increased further in the last week, rising around 8.5% to almost $5 billion, with almost 32% of claims now closed, according to the latest data from the Florida Office of Insurance Regulation.

According to Artemis’ sources, one tranche of the almost $54 million Oak Leaf Re Ltd. (Series 2017-1) catastrophe bond is set to pay out to sponsor Southern Oak Insurance Company, after the insurers losses from hurricane Irma triggered the cat bond.

Florida headquartered primary insurance company Universal Insurance Holdings expects to benefit from up to $415 million of its reinsurance to assist in paying its claims from hurricane Irma, with its reinsurers and participating ILS funds helping the firm to keep its net loss to just $35 million.

Hurricane Irma related insurance claims are estimated to have reached almost $4.6 billion in value, a near 20% rise since late September. Almost 25% of claims are now closed, with 14% having been paid out by insurers.

AmTrust Financial Services, Inc. said it has successfully limited its exposure to third-quarter natural catastrophe events through the use of reinsurance and its new quota share arrangement that it entered into as of August 1st 2017.

Primary insurance firm American Financial Group, Inc. (AFG), the parent to Great American Insurance Group and Lloyd’s focused Neon, has revealed that it has already replaced its reinsurance program layers that were hit by hurricanes Harvey and Irma, one of the many opportunities to replace coverage that have come to market in recent weeks.

U.S. primary player Farmers Insurance said that it expects to claim the total bill from hurricane Irma claims back from its reinsurance panel, with an estimated $140 million expected to be fully recoverable under the terms of its program, which adds to the $360 million of hurricane Harvey claims the company claimed from reinsurers.