tropical storm Ida 2021

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Ida reinsurance recoveries significant for some, backup cover likely needed

Information from sources suggests that some primary insurance carriers are likely to recover significant amounts from their reinsurance arrangements after hurricane Ida, while a number of insurers are likely to exhaust their reinsurance towers completely, and some catastrophe bonds remain exposed. We understand some brokers have been telling their clients just read the full article →

Fidelis’ cat bonds & others marked as hurricane Ida loss expectations rise

Catastrophe bonds sponsored by specialty insurance and reinsurance company Fidelis Insurance Holdings Limited have been marked down by as much as 10%, or slightly more, as industry loss expectations for hurricane Ida rise, while some of the other exposed cat bonds have also seen more price declines. In addition, some of read the full article →

Progressive to get reinsurance recoveries on hurricane Ida loss

The Progressive Corporation has reported that its excess-of-loss reinsurance program will reduce its gross exposure to hurricane Ida, a catastrophe event that the insurer says has driven reported and IBNR losses of $510 million in the aggregate across the US Gulf Coast and Northeast. Progressive said that, included in its August read the full article →

NFIP’s reinsurance & cat bonds on-watch following RMS estimate

A hurricane Ida industry loss estimate update from RMS has put the National Flood Insurance Program's (NFIP) reinsurance counterparties and catastrophe bond investors on-watch for potential losses, as the estimate suggests the traditional reinsurance component at-least is likely to attach and face losses. Late yesterday, catastrophe risk modeller RMS updated its read the full article →

RMS lifts hurricane Ida estimate to $31bn – $44bn, adds northern flood losses

Catastrophe risk modelling firm RMS has now added a further $6 billion to $9 billion of insurance and reinsurance market losses to its industry estimate for recent hurricane Ida, adding the expected flood toll further north and taking the total estimate range to $31 billion to $44 billion. RMS' estimate is read the full article →

Allstate says reinsurance recoveries to reduce $1.4bn hurricane Ida loss

US primary insurance carrier Allstate expects a $1.4 billion gross loss from recent hurricane Ida, but said that this will be reduced significantly to an estimated $631 million, pre-tax, thanks to what appear significant reinsurance recoveries from its excess-of-loss program. Allstate's estimate of its losses from hurricane Ida factors in the read the full article →

Hurricane Ida industry loss pegged at $32.2bn by Jefferies

Analysts at investment bank Jefferies said this morning that they estimate the insurance and reinsurance industry loss from recent hurricane Ida will be around $32.2 billion, taking the 2021 catastrophe loss year-to-date run-rate far above the average. August's catastrophe events, including hurricane Ida which was the largest of the year so read the full article →

AIR lifts top-end of hurricane Ida loss estimate to $30bn, to include floods

Catastrophe risk modeller AIR Worldwide now says that hurricane Ida will cost the insurance and reinsurance market between $20 billion and $30 billion, an estimate that now includes private market inland flood insured losses. AIR's first industry loss estimate for hurricane Ida was for the wind and storm surge impacts of read the full article →

Ida will be one of the costliest U.S. mainland hurricanes: Aon

Hurricane Ida is expected to become one of the costliest tropical storm impacts ever to affect the mainland United States, according to insurance and reinsurance broker Aon. The industry has been absorbing the reality of hurricane Ida over the last week or so, as industry loss estimates steadily rose and the read the full article →

Ida insured flood losses seen $11bn to $17bn by CoreLogic

Data and analytics company CoreLogic has provided an insurance market loss estimate for the flooding caused by hurricane Ida's remnants in the northeastern states of the US, saying it will range from $5 billion to as much as $8 billion. That's on top of CoreLogic's estimated $6 billion to $9 billion read the full article →