Hurricane
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The firm had earlier noted that the cat bond coverage would kick in if the PCS industry loss number reached $48bn. -
Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
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The insurer also added $100mn to its northeast cat treaty as it posted $1.48bn of cat losses in the second quarter.
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The update is due to warm sea-surface temperatures in the tropical Atlantic and the exceptional development of two named storms in June.
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In its update, CSU now predicts 18 named storms, including the four that have already formed, nine hurricanes and four major hurricanes.
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The coverage is designed to reduce the island’s obligation to the US Federal Emergency Management Agency.
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ILW limit of around $1bn could change hands depending on where the Hurricane Ian industry loss number settles.
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At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.
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The broker estimated global reinsurance capital rose by $30bn over the first quarter, with a 7% uplift in alternative capital and a 5% recovery to traditional equity.
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The $49.4bn number remains below a critical ILW threshold.
