Major losses

David Howden, founder and CEO of Howden, said his proposed method of minimising loss is “entirely non-political” and provides guaranteed funds, as well as certainty and the confidence to invest.

Missouri-based Cameron Mutual and Arkansas-based United Home Insurance Company were placed into court-ordered liquidation this week after struggling to pay claims from severe convective storms.

Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.

The number of disasters costing $1bn or more during the period is the highest on record.

Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.

The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.

Insurers have paid out $673.3mn in claims through September 30 for residential losses related to the August fires.

APCIA's annual meeting last year took place during the post-Hurricane Ian stand-off, but despite the greater calm and certainty surrounding the run-up to this year’s January 1 renewal, there are several key themes to debate at the event.

Need to Know

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

Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets.

Verisk said the majority of the insured losses can be attributed to wind damage.