hurricane Michael 2018

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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 →

AIG may trigger aggregate reinsurance, CEO expects $800m Q4 cat losses

U.S. and global insurance giant American International Group (AIG) is likely to trigger its aggregate reinsurance tower due to catastrophe losses suffered in the fourth-quarter, as CEO Duperreault said the firm expects cats to cost it up to $800 million. Speaking today at the Goldman Sachs U.S. Financial Services Conference in read the full article →

Munich Re estimates hurricane Michael industry loss at $10bn

Reinsurance giant Munich Re has estimated that October's hurricane Michael will result in $10 billion of losses to the insurance and reinsurance industry, a figure which is at the top-end of current estimates. The estimate from Munich Re provides further evidence that Michael will result in an industry impact higher than read the full article →

Hurricane Michael regulator loss estimate hits $4bn, creep may be ahead

The estimate of insured losses from the impacts of hurricane Michael, based on claims paid data collected from insurers by the Florida state insurance regulator, has now risen to more than $4 billion, suggesting other industry loss estimates are likely to creep higher as well. The hurricane Michael claims data is read the full article →

Chubb raises Michael loss towards top-end, sees wildfire loss below last year

U.S. primary insurance giant Chubb has provided an estimate of its expected losses after reinsurance from the recent California wildfires and has also updated on its expected losses from hurricane Michael. Most interesting to us is the fact that Chubb now says that its losses from hurricane Michael are expected to read the full article →

Markets fear an Irma-like loss creep for hurricane Michael

ILS and some reinsurance markets are beginning to show signs of fearing and in some cases expecting an Irma-like loss creep to occur with more recent hurricane Michael, leading some to even suggest that the industry insured loss could near $12 billion. At the moment the industry loss estimates for hurricane read the full article →

CATCo fund shares take hit as loss reserves & loss creep factored in

Unsurprisingly the share prices for the stock exchange listed CATCo Reinsurance Opportunities Fund, which is managed by Markel CATCo Investment Management Ltd. the retrocessional reinsurance investment specialist, have taken a hit today as investors digest today's news of the impacts from recent catastrophes and ongoing loss creep from 2017. The Ordinary read the full article →

Markel CATCo reserves for Michael & Jebi, warns on wildfires & loss creep

Markel CATCo Investment Management Ltd., the retrocessional reinsurance investment specialist, has set reserves for expected impacts from hurricane Michael and typhoon Jebi for its stock exchange listed CATCo Reinsurance Opportunities Fund, while also warning of exposure to the California wildfires and continued loss creep from 2017 events as well. The update read the full article →