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Flights cancelled as typhoon ramps up to Cat 4. -
Ernesto is expected to track past Bermuda on Saturday with hurricane conditions.
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Moody’s also predicts losses to the NFIP at less than $300mn.
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The peril can no longer be considered secondary, according to Gallagher Re.
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Both groups continue to call for a highly active season, however.
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Several bonds suffered declines in value from February to July.
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Subsidiaries Core and Typtap have applied to participate in the November Citizens policies assumption.
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The storm brought a lot of rain, but the Floridian doesn’t provide flood insurance.
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The loss is based on modelled outputs, as opposed to an initial loss estimate.
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The board of directors has voted for a 10% rate hike.
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Fee income at the Re & ILS division grew by 58% to $44.3mn in H1.
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Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
