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The storm outbreak follows similar events in the area in 2020 and 2023. -
The outlook flags “large uncertainties” amid possible El Niño through summer 2026.
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The firm’s external AuM has grown by 175% from 2019 to $3.3bn in 2025.
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Secondary market pricing implies the sponsor could recoup a total of $50mn on the 2022-1 A note.
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An “extraordinary” proportion of storms reached Category 5 status this year.
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The peril has been historically difficult to model compared to others.
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Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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The shuttering of Munich Re Ventures reflected a focus on the reinsurer’s “core offering”.
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The (re)insurer has a higher-than-average Jamaican market share.
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The largest net individual loss was January’s California wildfires at EUR615mn.
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Insurance penetration varies, but hotels have “near-total” coverage and strong limits.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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Widespread underinsurance and low exposures will limit losses.
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Since 2007, the Caribbean country has received $100.9mn in payments from the CCRIF.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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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.
