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Storm-like conditions caused by heat have led to “very erratic behavior” on the so-called Line Fire. -
Some Canadian cedants have approached the market for top-up cover.
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Urban expansion, climate change and inflation are key drivers of losses.
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The Insurance Bureau of Canada said the blaze damaged one-third of the Jasper community.
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Included is the full utilization of $25mn available under its cat aggregate treaty.
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Data shows that nat cat losses in Canada have increased substantially this century.
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The storm made landfall on Saturday as a Category 1 hurricane.
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Ernesto’s maximum sustained winds have reached 100 mph.
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Moody’s also predicts losses to the NFIP at less than $300mn.
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Both groups continue to call for a highly active season, however.
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Debby should be a “very manageable” storm for the (re)insurance market, it said.
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The board of directors has voted for a 10% rate hike.
