hurricane Laura 2020

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Progressive in $80m reinsurance recovery for August cat losses

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. Progressive said that its property line of business combined ratio elevated to 147.1% for read the full article →

FedNat triggers reinsurance program with hurricane Laura losses

FedNat Holding Company, the U.S. primary insurance carrier group, said that its reinsurance counterparties will be bearing a share of its losses associated with recent hurricane Laura. The insurer also said that it has purchased another reinsurance cover in September, providing extended second-event protection. FedNat said that both its FedNat Insurance Company read the full article →

Hurricane Laura onshore & offshore insured losses $10bn – $15bn: RMS

The onshore and offshore total of insurance and reinsurance market losses from recent hurricane Laura is estimated to be in the double-digit billions, between $10 billion and $15 billion by catastrophe risk modeller RMS. Of this, $9 billion to $13 billion are from onshore losses, caused by wind and surge, as read the full article →

Hurricane Laura ILS fund hit not significant, income to offset loss for some

At current industry loss estimate levels, the impacts to insurance-linked securities (ILS) funds from hurricane Laura is not expected to be significant, with some funds even able to offset the hit with the income their reinsurance and retrocession positions earned them in August. Early estimates for the insurance and reinsurance market read the full article →

Laura losses to hit reinsurers & ILS, but primary insurers to retain majority: Fitch

Industry losses from hurricane Laura are expected to largely fall to primary insurance carriers, but rating agency Fitch says that traditional reinsurance carriers and insurance-linked securities (ILS) players will take a share. Industry loss estimates currently range from $4 billion to $9 billion, according to the catastrophe risk modelling companies. But still, read the full article →

Hurricane Laura losses said up to $9bn by KCC, up to $8bn by AIR

Hurricane Laura related industry loss estimates are coming thick and fast today, with catastrophe risk modellers Karen Clark & Company saying to expect a total of close to $9 billion, while AIR Worldwide has said up to $8 billion for onshore property losses only. As ever, it's a challenge to compare read the full article →

AIR preliminarily pegs hurricane Laura industry loss at $4.8bn to $9.2bn

According to industry sources, catastrophe risk modeller AIR Worldwide's preliminary estimate of insurance and reinsurance market losses from hurricane Laura was pegged in a range from $4.8 billion to as high as $9.2 billion. We understand this is not an official industry loss estimate from AIR, that should be expected in read the full article →

Hurricane Laura wind & surge insured loss $8bn to $12bn: CoreLogic

Hurricane Laura's impacts wind and storm surge impacts in Texas and Louisiana are estimated to have caused insured losses of between $8 billion and $12 billion, according to CoreLogic. The majority of that is expected to be from wind damage, as would be expected for the private insurance and reinsurance market, read the full article →

Hurricane Laura assessment to take time, double-digit billion loss possible

Hurricane Laura has now been downgraded to a tropical depression as it moves over Arkansas but it has taken more than 24 hours from landfall for its sustained winds to drop below storm strength, with the significant footprint of the large storm likely to make damage assessment take time. The insurance read the full article →

Live cat ILW’s fail to trade as Laura’s track stays east of Houston: Tremor

While hurricane Laura was intensifying rapidly on its path towards the Gulf Coast, insurtech firm Tremor Technologies ran a series of industry loss warranty (ILW) auctions, but no trades were made as the market assumed the loss would not be significant enough to warrant the added coverage. Interest in trading live read the full article →