hurricane Matthew 2016

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 as $800m to the total.

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.

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.

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 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.

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.

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.

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 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.

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 at 102 on Tuesday 11th.