hurricane Matthew 2016

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Hurricane Matthew claims loss reaches $606m in Florida

The hurricane Matthew insurance or reinsurance claims loss has now reached $606 million, according to the latest from the Florida Office of Insurance Regulation. With over 57% of claims filed still open the total can be expected to rise further, with the remaining claims potentially able to add as much read the full article →

Hurricane Matthew to test collateral mechanisms: Doucette, Everest Re

The impact of hurricane Matthew and the insurance and reinsurance industry losses the hurricane caused when it struck the Florida and Southeast U.S. coastline could "test the functioning of various collateral mechanisms," according to John Doucette of Everest Re.Hurricane Matthew raked the Florida, Georgia, South & North Carolina coastline just read the full article →

Claims data shows Florida hurricane Matthew loss rises to $549m

Insurance claims from hurricane Matthew have now reached $549 million, according to data from the Florida Office of Insurance Regulation, but the rate of increase has slowed significantly, rising less than one hundred million dollars in the last week.The first update from the regulator had shown that hurricane Matthew losses read the full article →

Parametric triggers let CCRIF pay $29.2m in 14 days post-Matthew

Parametric catastrophe insurance facility CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has once again demonstrated the vital role that the parametric trigger can play in disaster insurance as it pays out all $29.2m of hurricane Matthew claims in less than 14 days.The CCRIF SPC aims to pay out read the full article →

Hurricane Matthew insured loss up to $5bn U.S., $3bn Caribbean: RMS

The insurance and reinsurance industry could face losses from hurricane Matthew of up to $5 billion for damage in the U.S. and up to $3 billion for damage across the Caribbean, according to risk modelling firm RMS.RMS is the latest to provide an official estimate of insured losses due to read the full article →

ILS funds face minimal realised loss, some writedowns on Matthew: Milliman

The impact of hurricane Matthew on insurance-linked securities (ILS) players will vary by fund, but could result in minor negative hits to returns during October, according to analysis from Milliman’s Aaron Koch.Director, Insurance-Linked Securities Group, P&C Division Consulting Actuary at Milliman, Aaron Koch, has explored the potential impact hurricane Matthew read the full article →

Hurricane Matthew to test Florida start-up’s reinsurance: A.M. Best

Hurricane Matthew's impact on Florida and the resulting insurance losses will provide a measure of the states start-up carriers reinsurance arrangements, catastrophe preparedness and ability to respond to major loss events, according to A.M. Best.The majority of carriers likely to be affected by hurricane Matthew will have " sufficient capital read the full article →

Hurricane Matthew reported losses reach $454m in Florida

Insurance claims from hurricane Matthew reached $454 million by the end of last week, more than doubling over two days as claims were filed, according to an update from the Florida Office of Insurance Regulation.The first update from the regulator showed that hurricane Matthew losses from claims filed had reached read the full article →

CCRIF adds $8m to hurricane Matthew payouts for excess rainfall

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), is set to pay out another $8 million due to hurricane Matthew's path through the Caribbean, as parametric excess rainfall insurance payouts are now due to four countries.The CCRIF had already announced a payment of $975,000 for Barbados, which saw read the full article →

First Coast Re cat bond price bounces back post-Matthew

One of the catastrophe bonds which had traded at a reduced price due to the approach of hurricane Matthew has bounced back. The First Coast Re Ltd. (Series 2016-1) cat bond had traded as low as 62 cents on the dollar on Thursday 6th but bounced back to above par read the full article →