Claims and losses

Grenada and St Vincent and the Grenadines are under the most threat from the storm.

The broker estimated ILS capacity reached a record $107bn as cat bond interest surged.

The estimate is up from A$1.5bn, published by Perils in April.

The broker said high ILS maturities would boost cat bond issuance though the hurricane season would impact capital availability.

Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.

The Gallagher executive called it a “relentless start to the year”.

The model uses machine learning and daily data to forecast hurricane seasons.

Riots erupted in the Pacific Island territory last month over electoral reforms.

The claims tally has increased 7% since the last estimate a month ago.

ILS capital so far is viewed by sponsors as strategic rather than essential.

Tropical Storm Alberto, the first named storm of this year’s Atlantic hurricane season, made landfall this morning over Mexico and Texas, bringing heavy winds and gusty rains, according to the US National Hurricane Center (NHC).

This takes pre-tax year-to-date cat losses to $2.62bn.