Xynthia off course to hit EUR1.3bn ILS capacity
More than EUR1.3bn of cat bond capacity is likely to be spared loss following Windstorm Xynthia, which struck several European countries including France, Germany and Spain in late February.
Modelling firm AIR estimates insured losses of EUR1.5-3bn for the storm, making it less costly than 2009's Klaus, which caused $3.3bn of losses according to Aon Benfield.
A total of 10 in-force cat bo
nds offer around EUR1.37bn of cover for European
windstorm (see table).
Many of the bonds are triggered...
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