Hurricane
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New and returning sponsors, diversifying European wind risks and early placement of US hurricane coverage all helped new issuance to smash market expectations. -
The Florida Building Code was introduced following the impacts of Hurricane Andrew.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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ILS managers are still waiting for hard market growth.
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The Zurich-based ILS manager has grown the fund by around 167% from $150mn as of mid-2021.
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The hurricane season featured 20 named storms, seven hurricanes, three intense hurricanes and an ACE index of 146, according to Tropical Storm Risk.
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The business will service clients in the agriculture, renewable energy and construction industries.
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Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
