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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas. -
Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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Central pressure of 900mb or below would trigger a full loss of the $150mn deal.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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Pricing on Friday implied a potential $45mn loss to the bond, before the storm outlook deteriorated.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The tropical cyclone is expected to be named Imelda.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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