tropical storm Ida 2021

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LA Citizens says reinsurance & cat bonds to take majority of $461m Ida loss

Louisiana Citizens Property Insurance Corporation has reported an estimated loss from hurricane Ida of around $461 million, but thanks to its low retention on its reinsurance tower and its catastrophe bonds, the residual market insurer will only retain $35 million. At a Board meeting held last week, Louisiana Citizens staff updated read the full article →

Liberty Mutual reveals $812m net hurricane Ida loss

U.S. primary insurer and global re/insurer Liberty Mutual reported elevated catastrophe losses for the third-quarter of 2021, revealing a net $812 million hit from hurricane Ida. Despite a higher-level of catastrophe losses year-on-year for the third-quarter, Liberty Mutual still managed to report an improvement in net income. "Despite an elevated level of read the full article →

Allstate’s Q3 reinsurance recoveries approach $1 billion

US primary insurance carrier Allstate reported that its catastrophe reinsurance recoveries for the third-quarter of 2021 are now approaching $1 billion, suggesting the carrier has made additional recoveries through the period since it initially reported its losses from hurricane Ida. Allstate had reported an estimated $1.4 billion gross loss from hurricane read the full article →

Allstate’s Q3 2021 catastrophe losses reach $1.3bn

The month of September 2021 saw another $165 million of pre-tax catastrophe losses added to Allstate's bill for the third-quarter of the year, which has now risen to $1.3 billion thanks to the significant loss it had previously announced from hurricane Ida. As we explained a month ago, Allstate had reported read the full article →

NFIP’s early Ida estimate suggests no reinsurance or cat bond losses

According to our sources, an early estimate of the National Flood Insurance Program’s (NFIP) losses from hurricane Ida suggests that its reinsurance program and catastrophe bonds are less likely to face any impact from the catastrophic event. As we'd previously explained, the National Flood Insurance Program, which is administered by the read the full article →

LA Citizens occurrence cat bonds marked down again on Ida loss expectation

Two outstanding per-occurrence catastrophe bond tranches sponsored by Louisiana Citizens Property Insurance Corporation have been marked down much further on some broker pricing sheets in the last week, with secondary market bid pricing now implying a market expectation of a significant loss of principal. Secondary cat bond broker pricing sheets show read the full article →

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 →