And it's not just this year. I'm guessing but I think the last major (Cat 3 or above) hurricane to hit the U.S. was eight years ago.
From Insurance 360:
Lloyd's Boss Says Insurance Investment Boom Puts Sector at Risk
A flood of investment capital into structures linked to insurance could lead to instability and spark a new financial crisis if left unsupervised, a top official has warned.
Billions of dollars from investment funds has flooded into insurance-linked structures in recent years as an alternative to more traditional investments such as bonds which currently offer poor yields because interest rates are low.
This has allowed insurers and the reinsurance industry in particular to spread risk and drive down prices.
In a speech late on Wednesday, John Nelson (pictured), chairman of the Lloyd's of London insurance market, said the trend helped fund expansion to keep pace with growing economies and rising demand.
But he warned that if not properly supervised the fund flows could end up undermining the stability of the insurance sector.Meanwhile Artemis is reporting:
Nelson said the insurance industry must avoid capital becoming detached from risk, a mistake which he said caused the banking industry's "systemic problems" from 2007.
The widely discredited 'originate-to-distribute' banking model saw lenders offload to third parties billions of dollars of low grade loans through the sale of special bonds secured on mortgage repayments....MORE
Brit Group, the global specialty insurer and reinsurer with a large presence at Lloyd’s, is aiming to increase its penetration into the global reinsurance market with the opening of an office in Bermuda, targeting expansion for its distribution network and focusing on catastrophe risks....MORE
