RMS

The loss is based on modelled outputs, as opposed to an initial loss estimate.

Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.

The founding members include Munich Re, Gallagher Re, and BitSight.

The changes have resulted in as much as 20%-30% increases for certain portfolios, sources said.

The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.

The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.

The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.

The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.

RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.

The storm is not expected to be a threat to the order of Jebi or Hagibis.

The incoming SVP joins from BMS Re, where she led the catastrophe analytics team for more than 10 years.

The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.