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The last-resort carrier met its retention after Hurricane Laura, but expects over $128mn in total insured losses from the 2020 storm season. -
Rapid growth of the cyber market suggests an increasing role for ILS, panellists said at Trading Risk Live.
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Forecasts show Eta affecting the southern tip of Florida as it turns in the Gulf of Mexico.
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The storm battered Central America as a hurricane last week, causing widespread damage and at least 57 deaths.
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Forecasters warned that the storm’s course remains relatively uncertain at this stage.
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Further cat losses could be covered under activated aggregate reinsurance deals protecting IAG and QBE.
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Zurich-based manager Plenum said a partial loss of the $150mn Philippines wind bond seems likely.
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That figure compares to pre-landfall loss estimates in the low-single-digit billions.
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The storm has also struck areas of Alabama still struggling to recover from Hurricane Sally after its Category 2 landfall in Louisiana yesterday.
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New Orleans may fall outside the strongest winds but the storm's possible track has drawn closer to the urban centre.
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The storm has gained strength after earlier forecasts put it at a Cat 1 landfall strike.
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The storm is predicted to hit “at or near” hurricane strength before continuing northwest.
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