Weather

The proposed legislation would enable the state’s governor to tap the ILS market for coverage.

The insurer said half of the losses came from one weather event in the Midwest.

The model will also capture sub-perils including ground-shaking liquefaction, landslide, tsunami and fire following earthquakes.

The catastrophe data aggregator said it would provide a fourth loss estimate on 20 December.

The weather protection market currently resembles the early ILS market, according to the Nephila managing principal.

The Toronto-based firm had already been collaborating with Perils for the past two years.

The streak of tornadoes in the US this May means 2019 is set to have highest level of activity since 2011 but the impact on (re)insurers will be offset by lower than average hail events.

Congresswoman Maxine Waters said the National Flood Insurance Program has experienced twelve short-term extensions resulting in brief lapses since fiscal year 2017.

This year’s cover is less than the 2018 cover, which was $2.6bn.

Timing is everything and, for the reinsurance market, this is especially true when it comes to losses.

The total is 7.8 percent more than Perils’ EUR740mn first estimate on 18 April.

The number of tornadoes last month was the highest for May since the 381 recorded in the same month in 2015.