Best of Artemis, week ending October 16th 2022

Here are the ten most popular news articles, week ending October 16th 2022, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Ten most read articles on Artemis.bm, week ending October 16th 2022:

The catastrophe bonds seen most at-risk from hurricane Ian (currently)
We wanted to provide a list of catastrophe bond names, for those transactions that are currently felt to be most at-risk of losses after major hurricane Ian’s landfall in Florida.
Hurricane Ian – the biggest insured loss ever at over $75bn: Stonybrook
Hurricane Ian is expected to be the largest single insurance industry loss event ever witnessed, with the final bill estimated to be above $75 billion once LAE is factored in, according to analysis from Stonybrook Capital.
Cat bond fund index sees biggest fall in history on hurricane Ian
The Plenum CAT Bond UCITS Fund Indices have fallen by the largest percentage in their history after hurricane Ian, driving home the significant mark-to-market losses driven by the storm, as well as the expectation the cat bond market faces its largest single event losses on record.
NFIP’s reinsurance tower coming into view as Ian flood claims surpass 35,000
The National Flood Insurance Program’s (NFIP) reinsurance tower is coming into view of the rising hurricane Ian claims burden, as NFIP claims filed have now surpassed 35,000, according to the US Federal Emergency Management Agency (FEMA).
Hurricane Ian – no matter the number, cedents will trap as if its $70bn: Millett
During a panel discussion at the ILS Bermuda Convergence 2022 event, Michael Millette told the audience that while the quantum of loss matters after hurricane Ian, with such a range of estimates, the risk is that cedents will all seek to trap capital as if the industry impact is going to be $70 billion anyway.
Progressive expects $1.2bn property reinsurance recovery after Ian
The Progressive Corporation has reported an expectation of recovering around $1.2 billion from its property reinsurance arrangements, to help it pay for an estimated $1.4 billion of gross property claims from hurricane Ian.
Ian a “trial by fire” for Florida reforms. But is it Irma 2.0?
Hurricane Ian will prove to be a “trial by fire” for the legislative reforms enacted in Florida to improve the situation in its insurance marketplace, and today there were questions about whether those reforms are enough among speakers at the ILS Bermuda Convergence 2022 event.
What if Florida Citizens’ hurricane Ian average claims cost is close to Irma?
While Florida’s insurer of last resort, Citizens Property Insurance Corporation, has provided a range of projected estimated losses from hurricane Ian of between $2.3 billion and $2.6 billion, if the average claims cost comes in around the levels of 2017’s hurricane Irma, the data could suggest a loss far higher.
Retro wildcards & ripple effects expected at 1/1 renewals after Ian: Moody’s
There are likely to be some retrocession market wildcards in the wake of hurricane Ian at the next major set of reinsurance renewals on January 1st 2023, according to Moody’s Investors Service.
Universal estimates roughly $1bn gross hurricane Ian loss
Universal Insurance Holdings, the Florida headquartered primary insurance carrier, has pre-announced an expectation that it will suffer around $1 billion of gross losses after hurricane Ian, with the impact to fall well within its reinsurance tower that provides coverage to just over $3 billion.

This is not every article published on Artemis during the last week, just the most popular among our readers over the last seven days. There were 36 new articles published in the last week. To ensure you always stay up to date with Artemis and never miss a story subscribe to our weekly email newsletter which is delivered every Wednesday.

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