Property catastrophe

Delta’s track closely compares with $6.4bn Rita but Laura impact will limit losses: AM Best

As Hurricane Delta approached Louisiana, AM Best warned that the storm represents a “uniquely dangerous situation”, with the areas that are likely to be hit the same as those battered by late August’s Hurricane Laura.

Hurricane Delta closes in on US landfall

Hurricane Delta is expected to make landfall in southwest Louisiana with any late shifts in the storm’s track likely to have a significant bearing on losses.

Political risk “difficult new contributor” to nat cat losses: PCS

The role political risk plays in relation to natural catastrophes losses requires much more consideration by the (re)insurance community, a new report by PCS has highlighted.

Hurricane Delta landfall location to complicate Laura claims recovery process

Hurricane Delta has regained Category 3 intensity as it approaches landfall in Louisiana, with the storm expected to impact the same stretch of coastline as Hurricane Laura in late August.

Wildfires, Sally and Beta cost insurers billions in September: Aon

Insurers were hit with multi-billion-dollar losses in September, with historic wildfires continuing to burn across the Western US and Hurricane Sally and Tropical Storm Beta making landfall, according to Aon’s Global Catastrophe Report.

Delta makes landfall near Cancun as strong Category 2 hurricane

Hurricane Delta has made landfall in Mexico’s Yucatan Peninsula as a strong Category 2 hurricane with maximum sustained winds of 110mph.

Delta close to Yucatan Peninsula landfall as Category 3 hurricane

Hurricane Delta will make landfall in Mexico’s Yucatan Peninsula in the next few hours and is likely to become the second major hurricane landfall of the 2020 Atlantic season.

Delta becomes Category 4 hurricane

Hurricane Delta has rapidly strengthened into a Category 4 hurricane with maximum sustained winds of 130mph.

Hurricane Delta rapidly strengthens on approach to Cancun

Hurricane Delta has continued its rapid intensification this morning and is now threatening a major hurricane landfall in Cancun over the next 24 hours.

Delta becomes hurricane and set for rapid intensification

Delta has become the ninth hurricane of the 2020 Atlantic season and is rapidly intensifying as it moves through the northwest Caribbean.

California wildfire losses mount as structure damage toll rises to 8,000

Close to 8,000 structures have now been damaged or destroyed by wildfires in California during 2020 with more than 3.8 million acres having now burned across the state.

RLI says its Q3 cat losses will be up to $45mn

US specialty insurer RLI has preannounced an estimated range of pre-tax cat losses for the third quarter of $35mn to $45mn, including the impact of a quartet of landfalling hurricanes.

Tudor-Thomas named EVP of US property at Validus Re

Andrew Tudor-Thomas has taken the position of executive vice president for US property at AIG-owned reinsurer Validus Re, The Insurer understands.

Worst-case climate scenario could see US East Coast landfall risk rise 20%: Twelve Capital

Hurricane landfall risk is expected to trend at a similar level to the past 20 years over the next four decades, according to a study by Twelve Capital.

RMS estimates Hurricane Sally insured damage at $2bn to $3.5bn

Loss estimates for Hurricane Sally are continuing to converge around a $2bn private market loss with RMS the latest modelling firm to issue a range for the event.

Fac writers and Bermuda step in as property writers retrench: CRC

Rate increases in the US property market as existing markets retrench are attracting new carriers and facilities as well as capacity from facultative reinsurance, alternative capital and Bermudians looking to fill gaps in placements, according to CRC.

Aon adds Open Exposure Data tool for Oasis-based models

Aon has introduced a feature in its ImpactWorkbench tool to enable (re)insurers to produce import-ready files for Oasis-based catastrophe modelling systems.

Citizens projects big policy count increase from ‘unhealthy’ private Florida market

Citizens policy count is above 500,000 for the first time in five years and is projected to surge to 625,000 by the end of next year as the Florida state-backed insurer’s president highlighted an “unhealthy” private market that is shedding business.

Sally follows Laura in attaching FedNat’s reinsurance cover

Hurricane Sally losses in Alabama and the Florida Panhandle will exceed the single-event aggregate reinsurance retention of $25mn for FedNat, the homeowners carrier has confirmed in a filing.

Floridians’ geographical gain = Q3 pain

Diversifying outside of Florida in recent years through M&A and organically adding state licenses has been a tactic deployed by a number of homeowners carriers seeking respite from the challenges of the Sunshine State.

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