tropical storm Sally 2020

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.

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.

Hurricane Sally made a last attempt to strengthen as it wobbled slowly towards the north Gulf Coast and has now intensified into a Category 2 storm, with sustained winds reaching 105 mph and higher gusts being reported.

While hurricane Sally’s wind speeds have remained relatively static throughout today as a Category 1 hurricane, the expectations for rainfall from the storm have increased, with the NHC warning of a “historic flooding” event for the northern Gulf Coast region.

Tremor Technologies, the insurtech company that offers a technology-based programmatic insurance and reinsurance risk transfer marketplace, is set to make its marketplace available for every major hurricane threat, with live cat auctions set to be run by the insurtech, including today for hurricane Sally.