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July and August floods and fires caused the bulk of the insured loss burden. -
The system is forming in the same area as 2022’s Hurricane Ian.
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Fifteen events caused estimated losses of $306mn.
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Gallagher Re estimated insured losses will amount to between EUR2bn and EUR3bn
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The central European flooding stems from a ‘Genoa Low’.
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The Jan De Nul-owned Zheng He was seized by Mexican authorities in November last year.
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Moody’s also predicts losses to the NFIP at less than $200mn.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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The hurricane has led to a “surge” in insurance claims related to floods, according to the IBC.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby.
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The marine carrier’s financial result for the period was $25mn.
