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Last week, TSR updated its forecast and is now predicting above-average storm activity. -
Most of the losses are attributable to a supercell storm in Texas.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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TSR previously predicted activity slightly below the 1995-2024 average.
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A historic cat loss year remains a possibility as storm losses accumulate.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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The agency forecasts up to five major hurricanes and 19 named storms.
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Two large storms hit the Midwest and Ohio Valley regions on May 14-17 and May 18-20.
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Wildfires resulted in heavy losses for insurers focused on HNW, personal lines and reinsurance.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
