hurricane Sally 2020

FedNat Holding Company, the U.S. primary insurance carrier group, has again said that it expects the latest hurricane to hit the United States will trigger a catastrophe reinsurance recovery for the firm, as losses from Delta are expected to exceed its aggregate retention.

Catastrophe risk modeller RMS has estimated that total U.S. insurance and reinsurance industry losses from Hurricane Sally will be between $2 billion and $3.5 billion.

Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has announced “full retention events” for both hurricane Isaias and hurricane Sally in the third-quarter of 2020, suggesting its reinsurance has been tapped for both storms.

FedNat Holding Company, the U.S. primary insurance carrier group, has warned that it expects its losses from recent hurricane Sally will trigger another hurricane-related reinsurance recovery for the firm.

The insurance and reinsurance industry loss estimates for recent hurricane Sally are coming in thick and fast, with catastrophe risk modeller AIR Worldwide now releasing an official estimate for insured losses of between $1 billion and $3 billion.

Onshore property losses for the private insurance and reinsurance market from recent hurricane Sally are estimated at just $2 billion by catastrophe risk modeller Karen Clark & Company.

Hurricane Sally’s extreme rainfall and storm surge are expected to drive significant insured losses for the National Flood Insurance Program (NFIP), putting its reinsurance panel and catastrophe bond investors on alert, according to A.M. Best.

According to our industry sources, a preliminary estimate of insurance and reinsurance market losses from hurricane Sally has been pegged at between $1.5 billion and $3.9 billion by catastrophe risk modeller AIR Worldwide.

Hurricane Sally’s late intensification before landfall yesterday is expected to mean that overall private insurance and reinsurance market losses from the storm reach into the low billions, with any impact to ILS positions expected to be minimal.

Tremor Technologies, the insurtech offering a technology-based programmatic insurance and reinsurance risk transfer marketplace, experienced higher activity in its live cat ILW marketplace yesterday for hurricane Sally, than it did a few weeks ago for Laura.