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With significantly lower retentions, AIG, Assurant and Allstate are more likely to pass the cost of the hurricane onward to their reinsurers.
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The flooding is now the costliest nat cat event ever in Australia, with insured losses higher than Cyclone Tracy and Sydney Hailstorm in 1999.
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KCC has added a loading for litigation costs to the storm loss estimate for the first time.
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Other firms such as Lexington, QBE and Zurich ranked among the top 20 underwriters in the six counties with highest exposure to Ian.
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Some reinsurers are in “business as usual” mode after Hurricane Ian, while others are pausing to assess the event, as it is too early to tell how cat risk appetite will change, the broker said.
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The broker’s global head of catastrophe management Dan Dick said that a realistic view on Ian’s loss suggests it would remain an earnings event for (re)insurers.
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RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
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Constraints in rebuilding supplies and contractors, inflation and post-event litigation will be key loss amplification drivers.
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Most of the losses will come from wind damage, while storm surge and inland flooding could account for up to $6.5bn in total.
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The storm, which made landfall as a Category 1 hurricane, has now been downgraded to a post-tropical storm.
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KCC previously issued a $32.5bn number in a private client advisory based on Ian's Tuesday track.
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Governor DeSantis confirmed that the bridge will need structural rebuilding. A group of 100 engineers are on site to do inspections.