Suncorp has said its reinsurance should cover any claims resulting from Cyclone Debbie, which is expected to land in Queensland on Tuesday (28 March) as a major storm.
Insurance spreads on new cat bond deals this year have dropped by 12 percent on average during the marketing process, as insurance-linked securities sponsors pressed hard to take advantage of a softening market.
Lloyd's insurer Icat Syndicate 4242 managed to get a 10 percent discount on the premium for its Buffalo Re cat bond, as investor demand pushed down pricing on the deal.
Allstate Insurance Company is seeking to raise $300mn from a new four-year Sanders Re cat bond in its first nationwide indemnity insurance-linked securities transaction, sister publication Trading Risk reported last week (6 March).
