hurricane Isaias 2020

Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has announced “full retention events” for both hurricane Isaias and hurricane Sally in the third-quarter of 2020, suggesting its reinsurance has been tapped for both storms.

Auto and property insurance focused Progressive Corporation recovered $80 million from its reinsurance in August, after the impacts of catastrophe losses during the month, in particular hurricane Laura and Isaias, triggered both its aggregate and per-occurrence protection.

Hurricane Isaias’ impacts could drive insurance and reinsurance industry losses of up to $5 billion, according to an estimate from catastrophe risk modelling specialist RMS.

Hurricane Isaias may have caused the insurance and reinsurance industry a loss of as much as $4.2 billion, according to analysis from catastrophe risk modeller Karen Clark & Company (KCC)

Hurricane Isaias, which impacted the Caribbean, made landfall in the Bahamas, then raked the Florida coast, after which it made landfall in the Carolinas and went on to impact the U.S. northeast including New York, is expected to cause insured losses of more than $1 billion.

Tropical storm Isaias had a close brush with Florida as a low category hurricane and is now heading north for an expected landfall in the Carolinas, with forecasters expecting the storm to regain weak hurricane status before coming ashore in North Carolina.