hurricane Michael 2018

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Hurricane Michael loss in Florida creeps above $6.61bn: Regulator

The loss from 2018's hurricane Michael continues to creep higher, with the aggregated insured claims data reported by the Florida regulator now standing just above $6.61 billion, an increase of roughly 10% in the last three months and still with only 84% of claims settled.The pace of settling claims associated read the full article →

Hurricane Michael upgraded to first U.S. Cat 5 landfall since Andrew

Hurricane Michael's wind speeds at landfall in Florida have been upgraded by the U.S. NOAA’s National Hurricane Center scientists in their final tropical cyclone report, now estimating them as having reached Category 5 at 160 mph.This means hurricane Michael, which slammed into the Florida Panhandle region in October 2018, has read the full article →

Hurricane Michael industry loss hits $11bn, Florence $5.5bn: Aon

Hurricane industry losses from the 2018 season have risen with hurricane Michael now estimated to have caused an industry loss of $11 billion, while hurricane Florence is estimated at $5.5 billion, both according to insurance and reinsurance broker Aon.The estimates are the highest totals for the market wide insured loss read the full article →

Hurricane Michael insurance claims surpass $6bn: Florida regulator

Aggregated insured claims data for hurricane Michael now totals over $6 billion, an increase of roughly 10% since early February and there is further for the tally to rise with settlement of commercial property claims lagging behind.The percentage of all hurricane Michael insurance claims closed now sits just slightly  below read the full article →

Hurricane Michael claims paid near $5.53bn: Florida regulator

The Florida state insurance regulator has now counted almost $5.53 billion of insurance claims that have been paid following the impact of hurricane Michael in the state, another 10% increase since mid-January.Still only 75% of insurance claims filed in the wake of hurricane Michael have been settled so far, with read the full article →

Chubb pegs Q4 catastrophe losses at $585m after reinsurance

U.S. and global primary insurance firm Chubb said that it expects fourth-quarter 2018 catastrophe losses after reinsurance will cost the company $585 million before tax, with hurricane Michael and the California wildfires the major contributors to the loss.Chubb had previously revealed a creeping loss from hurricane Michael, which it originally read the full article →

Oxbridge Re expects sidecar support for wildfire & Michael losses in Q4

Cayman Islands based reinsurance firm Oxbridge Re Ltd. said that its fully collateralized reinsurance sidecar vehicle Oxbridge Re NS Ltd. will support the firms losses from both hurricane Michael and the California wildfires in Q4 2018.Oxbridge Re said that it now expects to suffer a $6 million impact from catastrophe read the full article →

Hurricane Michael insured loss estimate passes $5bn: Regulator

Insured losses caused by hurricane Michael's impacts in Florida, based on claims paid data collected from insurers by the Florida state insurance regulator, have now risen to over $5 billion, which is a near 25% increase in around six weeks.Despite reaching $5 billion, which is more than half some of read the full article →

Sidecar diversifies revenue streams for Oxbridge Re: CEO Madhu

The Chairman and Chief Executive Officer (CEO) of collateralised reinsurer Oxbridge Re Ltd., Jay Madhu, explained that the firm’s recently launched sidecar vehicle diversifies its revenue streams and risk.Oxbridge Re announced plans for its sidecar vehicle, Oxbridge Re NS Ltd., in late 2017 after registering the company in the Cayman read the full article →

ILW triggers on watch for typhoon Jebi, hurricane Michael & wildfire losses

The industry loss warranty (ILW) market is waiting nervously for confirmed estimates of industry losses to emerge for a number of recent catastrophe events around the globe, with certain trigger points on-watch and further ILW losses possible in the coming weeks.The ILW market, which largely provides retrocessional forms of reinsurance read the full article →