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After a protracted period of poor results for cat writers, is it time for a bonfire of PMLs?

Houma, USA. 30th Aug, 2021. A gas station is seen destroyed by Hurricane Ida in Houma, Louisiana, the United States, Aug. 30, 2021. With stranded people waiting for rescue on damaged roofs, flooded roads blocked by downed trees and power lines, and over o
Photo: Alamy

Hurricane Ida lacks the shock-loss quality of Winter Storm Uri. It seems unlikely to spawn the 4x loss creep we saw from Typhoon Jebi. And it will not transform the way in which a peril is viewed in the way that the 2017 and 2018 California wildfires were.