Cayman First Insurance Company Ltd.’s Post

Our estimates of total private market losses from Hurricane Milton to be between US$22 billion and US$36 billion, with a best estimate of US$26 billion.

Does this sound familiar?

🗞 A new article in Artemis.bm features the latest Moody’s RMS Event Response insured loss estimate for Hurricane #Helene with insights from Mohsen Rahnama, Ph.D. on the background behind the estimate - as the publication asks whether the loss estimates now issued for Hurricane Helene could make it more likely to drive greater #reinsurance claims. Read the article in Artemis.bm here: https://lnkd.in/ea7x9em3 👉 Read the full Moody's RMS Event Response insured loss estimate media announcement for Hurricane Helene here: https://lnkd.in/eP34GymT #insurance #riskmanagement #ils #hurricane #insurancenews

The focus extends beyond immediate hurricane safety to the complexities of regaining access to essential services and infrastructure, highlighting the unpredictability and difficulty of post-disaster business recovery.

Fitch: Hurricane Milton could cost insurers US$50 billion. Fitch has estimated Hurricane Milton’s insured losses will range from US$30 billion to US$50 billion, the largest amount since Hurricane Ian hit Florida in 2022 https://lnkd.in/gjRhUBYA #captive #captiveinsurance

💻 In the Hurricane #Milton Live blog: Moody's RMS Event Response provides more details to clients on each of at least 25 tornadoes that were reported in #Florida on Wednesday, October 9. Also - find out how our on-the-ground Moody's RMS Event Response reconnaissance teams are contributing to the overall event post-analysis, and how their findings help to capture the nuances from each cat event, and further refine and validate #risk models. 👉 Find out more on our Hurricane Milton live blog as we examine the aftermath of this event here https://lnkd.in/eaGCAQJv #insurance #reinsurance #ils #riskmanagement #hurricane

One thing to remember about structural failures. The move to concrete does provide certain benefits but the most common cause of structural failures is from breached fenestration (debris or wind pressures). If your are constructing a concrete home and using a wood or light gage steel truss/rafters system for the roofing system you can still get structural failures when the fenestration units are breached, Fenestration is the weakest part of the building envelope. As for rising cost and damage. Its not the strength of the storms or the frequency of storms, the strengths are the same historically, the frequency is actually lower. What is causing this is demand surge, inflation, supply chain issues, fuel costs, building costs, and a mass migration into areas affected by normally occurring weather patterns that breed hurricanes and wildfires. Consider that the damage caused to structures is only increasing by about 11% due to increases in building density, while building costs and values are doubling every decade. We are seeing the result of failing to adapt our building strategies to reduce damage.

Today, we pause to remember the impact of Hurricane Ivan, which made landfall on our shores precisely 20 years ago. As we reflect on the devastation, we honour the strength and resilience of the Cayman Islands community. The challenges faced two decades ago have profoundly shaped our people. Let us all come together today to acknowledge our progress and renew our commitment to resilience and hope for the future. Learn more at https://lnkd.in/ec9Wuucg #HurricaneIvan #Ivan20

With the devastation that Hurricane Helene has wrought on the communities of Florida, North Carolina, and Tennessee, along with the incoming hurricane Milton, FEMA is in need of contractors for support. Now is a pivotal time to get involved—learn more in our Doing Business with FEMA On Demand briefing! Purchase NOW: https://zurl.co/nb6U With GovBrief On Demand, get the briefings you need on your terms: Watch Anytime, Anywhere. Each On Demand briefing comes with a video recording of the briefing and session documents. #Govbrief #GovernmentContracting #GovernmentContracts #GovernmentOpportunities #ContractingTips #FederalProcurement #FederalContracting #FederalContracts #FederalContractors #Federal #BusinessOpportunities #smallbusiness #govcon #b2g #briefing #webinar #webinars #training #tutorial

Before you share any info about Hurricane Helene, check and make sure it is factual. Here is where to start on FEMA’s rumor page: https://t.co/Z5vxuBTths