Time for a bonfire of PMLs?
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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.

But even though it looks a lot like the sort of loss the market expects and is set up to respond to, it remains the case that the sector will be dividing a $20bn-$25bn bill in Q3 from this...

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