Weather
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January 2018 opened the year of the “great reload” for ILS managers.
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Insurers are seeking to claim roughly $10bn through subrogation lawsuits against Pacific Gas and Electric in relation to the 2017 wildfire losses.
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Trading Risk view: investor fatigue
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The estimate puts the modelling firm’s combined November wildfire loss estimates at up to $13bn. -
The reinsurer said cyclone losses were above average with global insured losses at $25bn.
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The total of Hurricane Michael claims filed with Floridian insurers through to 30 November has reached $4.01bn, the Florida Office of Insurance Regulation said.
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The insurer expects $1.8bn of losses from the Camp Fire and $475mn from the smaller Woolsey Fire.
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State officials say full repairs cannot take place until spring.
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Woolsey was one of two highly destructive wildfires in California last month.
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October represented the fourth monthly loss registered in 2018 on the Eurekahedge ILS Advisers index.
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The manager also said the spread-widening associated with Florence and Michael had a dampening effect on cat bond performance.
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The insurer forecast gross losses of $207mn from the Camp Fire and $46mn from Woolsey.
