hurricane Sandy

Ratings agency Moody’s has published some additional insight on the impact of hurricane Sandy on reinsurers in their latest CreditOutlook report today. The article discusses the insight gained from a number of reinsurers earnings announcements and what they have said about the potential impact Sandy will have on their fourth quarter earnings. Moody’s says that […]

Munich Re, the largest reinsurance company in the world, has told its investors that it currently expects to suffer a loss from hurricane Sandy in the “mid three digit million Euro” range. That could put their losses around the $640m mark, which is a fairly significant impact to the firm if this is the case. […]

Hurricane Sandy will likely cause the largest payout to date for the Microinsurance Catastrophe Risk Organisation (MiCRO) in Haiti. The impact of Sandy on Haiti was severe, with around 54 deaths, 18,000+ people displaced and the micro-lending firm Fonkoze suggesting that as many as 12,000 of their customers may be eligible for a payout under […]

As expected, rating agency Standard & Poor’s have placed two aggregate tranches of catastrophe bond notes from USAA’s Residential Reinsurance 2011 Ltd. (Series 2011-1) and Residential Reinsurance 2012 Ltd. (Series 2012-1) transactions on CreditWatch with negative implications. We suggested this was likely to happen in this article last Friday, we also followed up on the […]

Credit Suisse has issued another update on the potential impact hurricane Sandy has had on one of their insurance-linked security and catastrophe bond funds, the CS IRIS Low Volatility Plus fund. Credit Suisse are not changing their estimate from last week (which we discussed in this article here) yet, but says that if insurance industry […]

The impact of hurricane Sandy on the northeast U.S. and the expected insurance industry losses, currently estimated at $7 billion to $20 billion is a credit negative event for the Combine Re Ltd. (Series 2012-1) catastrophe bond, according to rating agency Moody’s. The current estimated range of insurance industry losses would see Sandy qualify as an […]

A week ago we wrote that as hurricane Sandy approached landfall on the U.S. northeast coast both of the Swiss Re Cat Bond Performance Indices declined, the first time we’d seen a dual decline since March. Given that this drop was prior to landfall it was clear that we would see an even larger decline […]

Hurricane Sandy dominated our coverage last week and kept us extremely busy. The market now awaits the verdict on whether there are meaningful impacts to catastrophe bonds and reinsurers. As always, you can read every market news story and article on the Artemis news blog, subscribe to our weekly email newsletter update and for your […]

Sources tell us that one of the catastrophe bonds that has been considered to be at risk from losses due to hurricane Sandy may actually be safe, after an early loss estimate suggested no loss of principal to any of the classes of cat bond notes. As we wrote in an article published yesterday where […]

Once again a northeast U.S. hurricane has been a major flood catastrophe event. This happened last year with hurricane Irene which saw the U.S. National Flood Insurance Program, pick up a significant portion of the economic losses from the storm. It’s expected that this will also happen with Sandy and this has once again highlighted […]