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After causing widespread damage across Puerto Rico and the Dominican Republic, Fiona is now heading for Bermuda. -
The storm was downgraded from super typhoon status before making landfall on Sunday.
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The storm is currently moving over the Dominican Republic and headed for Bermuda.
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The Category 1 storm will likely cause “life-threatening flash and urban flooding” in eastern portions of the Dominican Republic through early Tuesday, according to the NHC.
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The storm was downgraded from super typhoon status ahead of landfall but was still the equivalent of a significant hurricane.
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The storm is currently at Cat 4 strength but will weaken to Cat 3 as it approaches land.
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Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
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US investments in the ILS and cat bond market are highly concentrated with five companies accounting for 70% of industry investments.
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How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
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The HSCM co-founder said the cat reinsurance market was going through a profound shift that would open ILS opportunities for growth.
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Earlier loss reports suggested the total costs would be much lower – Perils’ first report estimated losses at A$3.99bn, while its second pegged losses at A$4.89bn.
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The Scor CEO likened reinsurance market conditions to those seen in large commercial primary lines post-HIM.
