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The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention. -
The storm has moved north across the US after making landfall in Louisiana at the weekend.
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The energy market is being watched closely due to its potential to produce large risk losses.
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The company predicts that total insured and uninsured losses from the storm overall will amount to between $27bn and $40bn.
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The area of Laplace was the worst impacted on ICEYE’s list, with a total of 10,390 structures affected, 370 of which were in a high depth of water.
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Damage to crucial power infrastructure caused by the storm left over one million Louisiana residents without power.
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Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.
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The ratings agency said that a surge in demand could add to the costs of rebuilding.
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The storm could bring losses of $20bn-$25bn in losses across property cat, D&F, binders and energy.
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Post-Covid demand surge is a particular focus and fear.
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It is currently expected to make landfall on the Gulf Coast of Louisiana in the early hours of Monday morning.
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Around EUR6.5bn of losses will come from the residential buildings, household contents and business claims, and around EUR450m will come from automotive claims.
