tropical storm Florence 2018


Hurricane Florence may cost N.C. $17bn, but as little as 27% insured

According to the state's Governor Roy Cooper, the economic impact of hurricane Florence on North Carolina could reach as high as $17 billion, which would put the percentage covered by private insurance as low as 27%. Hurricane Florence struck the U.S. eastern seaboard in September and soaked the state of North read the full article →

Corelogic differs on Florence estimate, puts NFIP reinsurance in the frame

Differences between estimates are again evident in the catastrophe risk modelling space, as Corelogic delivers a figure for hurricane Florence's flood insurance industry losses that suggests the NFIP's flood reinsurance program is still in the frame to be triggered. Earlier today we wrote that the industry loss estimate from RMS seemed read the full article →

RMS says Florence loss under $5bn, suggests NFIP reinsurance not triggered

The insurance and reinsurance market-wide loss from recent hurricane Florence's impacts in the Carolina's and surrounding region of the United States is expected to be in a range from $2.8 billion to as much as $5 billion and this is including an NFIP flood insurance claims estimate. As this estimate from read the full article →

Quota shares & retro the most likely source of ILS losses from Florence: Fitch

Collateralized reinsurance quota shares and retrocessional protections that sit in lower layers of cedant's towers are the most likely source of ILS market losses from hurricane Florence, according to rating agency Fitch. Fitch Ratings today echoed what we have been saying, that losses from hurricane Florence and not expected to be read the full article →

ILS fund values stabilise, some recover, after hurricane Florence

Valuations of some of the listed and mutual insurance-linked securities (ILS) fund strategies have stabilised or even begun to recover after hurricane Florence's impacts proved to be less severe to ILS investments than had initially been anticipated. We explained a week ago that valuations of investments in some of the listed read the full article →

ILS industry recognised Florence would not be market-changing

The insurance-linked securities (ILS) industry and third-party reinsurance capital providers recognised that hurricane Florence would not be a market-changing event and reacted accordingly. As a result there was no real panic buying or selling of exposed ILS assets, catastrophe bonds or otherwise, nor was there a rush of live cat and read the full article →

Hurricane Florence wind & storm surge loss up to $4.6bn: AIR

The impact to insurance and reinsurance interests from the wind and storm surge damage caused by hurricane Florence is estimated to be in a range from $1.7 billion to as much as $4.6 billion, by AIR Worldwide. The catastrophe risk modeling firm said today that industry insured losses from hurricane Florence’s read the full article →

FedNat won’t tap reinsurance for hurricane Florence losses

U.S. primary insurer FedNat does not expect that it will be able to tap into its reinsurance program to help it pay for losses from hurricane Florence, as the company only expects a minor hit to its operations in South Carolina. FedNat does not operate in North Carolina, where the impacts read the full article →

Florence saw less ILW and live cat activity than other recent storms

Activity in the market for live cat (live catastrophe) trading and protection buying was lighter for hurricane Florence than other recent storms, in terms of volume traded, but some ILW trades were completed as the storm approached. Compared to other recent storms, such as the 2017 hurricanes Harvey, Irma and Maria, read the full article →

Hurricane Florence loss only $2.5bn (ex-NFIP), says Karen Clark & Co.

According to catastrophe risk modelling specialists Karen Clark & Co. the insurance market loss from hurricane Florence is likely to be only around $2.5 billion, based on privately market wind, storm surge, and inland flooding damage to residential, commercial, and industrial properties as well as automobiles. The $2.5 billion private market-wide read the full article →