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The Florida hurricane season still has three months to run in a predicted above-average year. -
Outside the cat bond segment, Aon said it was observing rising sidecar interest, putting volumes at $7.1bn from $6.4bn the prior year.
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Karen Clark & Company said the majority of insured losses will incur from US wind and storm surge damage, apart from just under $5mn which was attributed to winds across the Caribbean.
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Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
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The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
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The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.
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The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
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The figure – which is not a loss estimate – would be consistent with early views of a sub-$10bn insured loss.
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With Hurricane Idalia’s landfall underway loss estimates are uncertain, but sources noted that the storm’s trajectory shows it taking the best path to impact minimal insured values in Florida.
