Hurricane Michael has resulted in almost USD 2bn of claims to date based on data filed by insurers and collected by local regulator the Florida Office of Insurance Regulation (FLOIR). Total insured loss estimates for Michael are still expected to be from USD 7bn to USD 15bn.
Twelve Capital is closely monitoring the above event and will issue more detailed updates should this prove material, particularly regarding any potential impact on its portfolios.
At the time of writing, the following events have occurred or are ongoing. At present, these are not expected to have an impact on Twelve Capital’s portfolios.
Severe weather in Europe
Since 28 October, many parts of southern Europe have been affected by severe weather. Across Italy, flooding, winds and high waves have caused substantial property damage. Areas hit included Veneto, with Venice badly hit, as well as Tuscany and Sardinia.
Severe weather in the Southern US
Powerful thunderstorms and tornadoes hit the southern US states between 31 October and 1 November.
Typhoon Yutu made landfall in Luzon in the Philippines on 30 October as a category 2 storm – where Super Typhoon Mangkhut made landfall in September – before dissipating in the South China Sea.
Tropical Storm Xavier
Xavier is now tracking away from the west coast of Mexico. It is not expected to make landfall.
Please feel free to contact us in case of any questions.