From the cat bond, ILS, reinsurance mavens at Artemis, July 12:
CoreLogic, the risk modelling and catastrophe data company, has updated its estimate for industry insured losses caused by recent hurricane Beryl, now putting the total for Texas wind losses at between $2.5 billion and $3.5 billion.
CoreLogic has also updated its estimates for insurable losses in the Caribbean, now saying that between $1 billion and $1.5 billion are expected for the Windward Islands, with less than $1 billion for Jamaica, the Cayman Islands, and Mexico.
CoreLogic said that its Hazard HQ Command Central team has now recreated the Hurricane Beryl wind footprint using available wind observation data, resulting in updated loss estimates that have been derived using a custom footprint.
Its figure for estimated industry insured losses from hurricane Beryl include damages to residential, commercial, industrial, and agricultural properties, including damages to contents and business interruption and also includes demand surge, CoreLogic explained.
For the updated insurance industry loss estimate, CoreLogic has assumed a typical residential insurance policy deductible of 2%, saying that typically homeowners in Texas have options for deductibles ranging from 1% to 5%.
“Uncertainty in the chosen deductible of the individual policyholder can strongly influence the insured loss estimate. In this instance, a shift towards the purchase of a higher deductible amount could significantly reduce the losses paid by insurers,” the company said....
....MUCH MORE
Also at Artemis, this one July 11:
Hurricane Beryl US insured loss estimated at $2.7bn by Karen Clark & Co
