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<meta property="og:description" content="Ratings agencies see aggregate catastrophe bonds and private ILS or collateralized reinsurance contracts as having the greatest exposure to hurricane Harvey&#039;s impacts on Texas, but for losses to occur and be significant the final bill will need to come in at the upper end of industry loss estimates.  Rating agency Standard &amp; Poor&#039;s said that, &quot;Given current loss estimates, we do not anticipate any of the natural catastrophe bonds we currently rate with per-occurrence triggers to be affected.&quot; The insurance and reinsurance industry loss is expected to fall too far below where cat bonds that provide per-occurrence coverage are structured to pay out, meaning that the majority of cat bonds exposed to the reason are deemed safe from loss as a result. With private re/insurance industry loss estimates currently ranging from around $5 billion to $20 billion the chances of cat bond exposure are lessened. The majority of per-occurrence structures provide tail protection for their sponsors," />
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<meta name="twitter:description" content="Ratings agencies see aggregate catastrophe bonds and private ILS or collateralized reinsurance contracts as having the greatest exposure to hurricane Harvey&#039;s impacts on Texas, but for losses to occur and be significant the final bill will need to come in at the upper end of industry loss estimates.  Rating agency Standard &amp; Poor&#039;s said that, &quot;Given current loss estimates, we do not anticipate any of the natural catastrophe bonds we currently rate with per-occurrence triggers to be affected.&quot; The insurance and reinsurance industry loss is expected to fall too far below where cat bonds that provide per-occurrence coverage are structured to pay out, meaning that the majority of cat bonds exposed to the reason are deemed safe from loss as a result. With private re/insurance industry loss estimates currently ranging from around $5 billion to $20 billion the chances of cat bond exposure are lessened. The majority of per-occurrence structures provide tail protection for their sponsors," />
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	<li id="menu-item-18623" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-18623"><a title="Listing Sponsors" href="http://www.artemis.bm/marketview/listing_sponsors.html">Listing Sponsors</a></li>
	<li id="menu-item-6798" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-6798"><a title="Media &#038; Information Services" href="http://www.artemis.bm/marketview/media_info.html">Media &#038; Information Services</a></li>
	<li id="menu-item-6799" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-6799"><a title="Rating Agencies" href="http://www.artemis.bm/marketview/ratings.html">Rating Agencies</a></li>
	<li id="menu-item-6800" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-6800"><a title="Recruitment Consultants" href="http://www.artemis.bm/marketview/recruitment.html">Recruitment Consultants</a></li>
	<li id="menu-item-6801" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-6801"><a title="Re-Insurance Companies" href="http://www.artemis.bm/marketview/reinsurers.html">Re-Insurers</a></li>
	<li id="menu-item-6802" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-6802"><a title="Risk Modelling" href="http://www.artemis.bm/marketview/risk_modelling.html">Risk Modelling</a></li>
	<li id="menu-item-16209" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-16209"><a title="Risk, Reinsurance Software and Services" href="http://www.artemis.bm/marketview/risk_reinsurance_software_services.html">Risk, Reinsurance Software and Services</a></li>
	<li id="menu-item-6803" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-6803"><a title="SPRV and SPV Administration Services" href="http://www.artemis.bm/marketview/sprv_and_spv_administration_services.html">SPRV and SPV Administration Services</a></li>
	<li id="menu-item-6804" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-6804"><a title="Weather Risk Management" href="http://www.artemis.bm/marketview/weather_trading.html">Weather Risk Management</a></li>
</ul>
</li>
<li id="menu-item-6809" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-6809"><a title="Artemis Reading Library" href="http://www.artemis.bm/library/">Library</a>
<ul class="sub-menu">
	<li id="menu-item-19741" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19741"><a title="Artemis Catastrophe Bond &#038; ILS Market Reports" href="http://www.artemis.bm/artemis_ils_market_reports/">Artemis Cat Bond &#038; ILS Market Reports</a></li>
	<li id="menu-item-34206" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-34206"><a title="Artemis Executive Roundtable Event Reports" href="http://www.artemis.bm/roundtable-reports/">Artemis Executive Roundtable Event Reports</a></li>
	<li id="menu-item-38004" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-38004"><a title="Artemis Conference Reports" href="http://www.artemis.bm/conference-reports/">Artemis Conference Reports</a></li>
	<li id="menu-item-19742" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-19742"><a title="Cat bond, ILS, Reinsurance Reading for Beginners" href="http://www.artemis.bm/library/#beginners">Cat bond, ILS, Reinsurance Reading for Beginners</a>
	<ul class="sub-menu">
		<li id="menu-item-19743" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19743"><a title="What is alternative risk transfer?" href="http://www.artemis.bm/library/what_is_alternative_risk_transfer.html">What is alternative risk transfer?</a></li>
		<li id="menu-item-19744" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19744"><a title="What is a catastrophe bond?" href="http://www.artemis.bm/library/what_is_a_catastrophe_bond.html">What is a catastrophe bond?</a></li>
		<li id="menu-item-19745" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19745"><a title="What are insurance-linked securities?" href="http://www.artemis.bm/library/what_are_insurance_linked_securities.html">What are insurance-linked securities?</a></li>
		<li id="menu-item-19747" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19747"><a title="What is collateralized (or collateralised) reinsurance?" href="http://www.artemis.bm/library/what_is_collateralized_reinsurance.html">What is collateralized (or collateralised) reinsurance?</a></li>
		<li id="menu-item-19748" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19748"><a title="What is a reinsurance sidecar?" href="http://www.artemis.bm/library/what_is_a_reinsurance_sidecar.html">What is a reinsurance sidecar?</a></li>
		<li id="menu-item-19750" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19750"><a title="What do we mean by traditional, non-traditional or alternative reinsurance?" href="http://www.artemis.bm/library/what_is_traditional_nontraditional_alternative.html">What are traditional, non-traditional or alternative reinsurance?</a></li>
		<li id="menu-item-19746" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19746"><a title="What is life insurance securitization or life ILS?" href="http://www.artemis.bm/library/what_is_life_insurance_securitization_ils.html">What is life insurance securitization or life ILS?</a></li>
		<li id="menu-item-19751" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19751"><a title="What are industry loss warranties?" href="http://www.artemis.bm/library/what_are_industry_loss_warranties.html">What are industry loss warranties?</a></li>
		<li id="menu-item-19752" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19752"><a title="What is longevity risk transfer?" href="http://www.artemis.bm/library/what_is_longevity_risk_transfer.html">What is longevity risk transfer?</a></li>
		<li id="menu-item-19753" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19753"><a title="List of longevity swap, risk transfer and reinsurance transactions" href="http://www.artemis.bm/library/longevity_swaps_risk_transfers.html">List of longevity transactions</a></li>
		<li id="menu-item-19754" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19754"><a title="What are weather derivatives?" href="http://www.artemis.bm/library/what_are_weather_derivatives.html">What are weather derivatives?</a></li>
	</ul>
</li>
	<li id="menu-item-19749" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19749"><a title="List of reinsurance sidecars" href="http://www.artemis.bm/library/reinsurance_sidecars.html">List of reinsurance sidecars</a></li>
	<li id="menu-item-19790" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19790"><a title="A List of Reinsurer Capital Markets Activities" href="http://www.artemis.bm/library/reinsurance_capital_markets.html">List of Reinsurer Capital Markets Activities</a></li>
	<li id="menu-item-20060" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20060"><a title="Longevity swaps, longevity reinsurance and longevity risk transfer transactions" href="http://www.artemis.bm/library/longevity_swaps_risk_transfers.html">List of Longevity Risk Transfer Transactions</a></li>
	<li id="menu-item-19755" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-19755"><a title="Catastrophe Bond &#038; Insurance-Linked Securities Reading" href="http://www.artemis.bm/library/">Catastrophe Bond &#038; ILS Reading</a>
	<ul class="sub-menu">
		<li id="menu-item-19756" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19756"><a title="Catastrophe bond &#038; insurance-linked securities (ILS) market reports" href="http://www.artemis.bm/library/catastrophe_bond_ils_market_reports.html">Cat bond &#038; ILS market reports</a></li>
		<li id="menu-item-19757" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19757"><a title="Catastrophe Bonds &#038; Insurance-Linked Securities (ILS)" href="http://www.artemis.bm/library/catastrophe_bonds.html">Cat bond &#038; ILS research papers &#038; reading</a></li>
		<li id="menu-item-19758" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19758"><a title="Risk modelling for insurance-linked securities (ILS)" href="http://www.artemis.bm/library/risk_modelling_for_ils.html">Risk modelling for ILS &#038; cat bonds</a></li>
		<li id="menu-item-19759" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19759"><a title="Trading catastrophe bonds &#038; ILS" href="http://www.artemis.bm/library/catastrophe_bond_ils_trading.html">Trading cat bonds &#038; ILS</a></li>
		<li id="menu-item-19760" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19760"><a title="Pricing catastrophe bonds &#038; ILS" href="http://www.artemis.bm/library/catastrophe_bond_pricing.html">Pricing cat bonds &#038; ILS</a></li>
		<li id="menu-item-19761" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19761"><a title="Legal issues for catastrophe bonds &#038; ILS" href="http://www.artemis.bm/library/catastrophe_bond_ils_legal_issues.html">Legal issues for cat bonds &#038; ILS</a></li>
		<li id="menu-item-19762" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19762"><a title="ILS &#038; securitization reading" href="http://www.artemis.bm/library/insurance_linked_securities_ils_securitization.html">ILS &#038; securitization</a></li>
		<li id="menu-item-19763" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19763"><a title="Life, health and mortality insurance-linked securities" href="http://www.artemis.bm/library/life_health_mortality_insurance_linked_securities.html">Life, health and mortality ILS</a></li>
		<li id="menu-item-19764" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19764"><a title="Further reading on ILS, cat bonds and reinsurance capital" href="http://www.artemis.bm/library/further_reading_on_ils.html">Further reading</a></li>
	</ul>
</li>
	<li id="menu-item-21614" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-21614"><a title="General reinsurance reading" href="http://www.artemis.bm/library/">General Reinsurance Reading</a>
	<ul class="sub-menu">
		<li id="menu-item-21615" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-21615"><a title="Reinsurance Market Reports" href="http://www.artemis.bm/library/reinsurance_market_reports.html">Reinsurance Market Reports</a></li>
		<li id="menu-item-21616" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-21616"><a title="Insured catastrophe &#038; man-made disaster loss reports" href="http://www.artemis.bm/library/insured_catastrophe_loss_reports.html">Insured catastrophe &#038; man-made disaster loss reports</a></li>
	</ul>
</li>
	<li id="menu-item-19765" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-19765"><a title="Alternative Risk Transfer, Collateralized &#038; Alternative Reinsurance Topics" href="http://www.artemis.bm/library/">ART, Collateralized &#038; Alternative Reinsurance Topics</a>
	<ul class="sub-menu">
		<li id="menu-item-19766" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19766"><a title="Introduction to Alternative Risk Transfer (ART)" href="http://www.artemis.bm/library/alternative_risk_transfer.html">Introduction to ART</a></li>
		<li id="menu-item-19767" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19767"><a title="Collateralized reinsurance" href="http://www.artemis.bm/library/collateralized_reinsurance.html">Collateralized reinsurance</a></li>
		<li id="menu-item-19768" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19768"><a title="Collateralized reinsurance sidecars" href="http://www.artemis.bm/library/collateralized_reinsurance_sidecars.html">Collateralized reinsurance sidecars</a></li>
		<li id="menu-item-19769" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19769"><a title="Parametric and index triggers" href="http://www.artemis.bm/library/parametric_index_triggers.html">Parametric and index triggers</a></li>
		<li id="menu-item-19770" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19770"><a title="Catastrophe Options &#038; Derivatives" href="http://www.artemis.bm/library/catastrophe_options_derivatives.html">Catastrophe Options &#038; Derivatives</a></li>
		<li id="menu-item-19771" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19771"><a title="Microinsurance and weather or catastrophe index-insurance" href="http://www.artemis.bm/library/microinsurance_weather_index_insurance.html">Microinsurance and weather or catastrophe index-insurance</a></li>
		<li id="menu-item-19772" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19772"><a title="Longevity Risk Transfer" href="http://www.artemis.bm/library/longevity_risk_transfer.html">Longevity Risk Transfer</a></li>
	</ul>
</li>
	<li id="menu-item-19773" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-19773"><a title="Weather Risk Management &#038; Trading Topics" href="http://www.artemis.bm/library/">Weather Risk Management &#038; Trading Topics</a>
	<ul class="sub-menu">
		<li id="menu-item-19774" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19774"><a title="Introduction to Weather Trading, Weather Derivatives &#038; Weather Futures" href="http://www.artemis.bm/library/intro_to_weather_trading.html">Introduction to Weather Trading, Derivatives, Futures</a></li>
		<li id="menu-item-19775" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19775"><a title="Weather risk management for utilities &#038; energy" href="http://www.artemis.bm/library/utilities_energy_weather_risk.html">Weather risk management for utilities &#038; energy</a></li>
		<li id="menu-item-19776" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19776"><a title="Weather derivatives, weather risk pricing &#038; structuring" href="http://www.artemis.bm/library/pricing_structuring_weather_risk.html">Weather derivatives, weather risk pricing &#038; structuring</a></li>
		<li id="menu-item-19777" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19777"><a title="Weather Risk Management &#038; Hedging Case Studies" href="http://www.artemis.bm/library/weather_risk_management_case_studies.html">Weather Risk Case Studies</a></li>
		<li id="menu-item-19778" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19778"><a title="Weather Risk Management Legal &#038; Accounting Issues" href="http://www.artemis.bm/library/weather_risk_legal_accounting_issues.html">Weather Risk Legal &#038; Accounting Issues</a></li>
		<li id="menu-item-19779" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-19779"><a title="Weather Trading Data Sources" href="http://www.artemis.bm/library/weather_data.html">Weather Trading Data Sources</a></li>
	</ul>
</li>
	<li id="menu-item-6810" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-6810"><a title="Glossary of Terms" href="http://www.artemis.bm/glossary/">Glossary</a></li>
</ul>
</li>
<li id="menu-item-6807" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-6807"><a title="Events &#038; Conference Calendar" href="http://www.artemis.bm/events_calendar/">Events</a>
<ul class="sub-menu">
	<li id="menu-item-47310" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-47310"><a title="ILS Asia 2018" href="http://www.artemis.bm/ils-asia-2018/">ILS Asia 2018 &#8211; July 12 2018</a></li>
	<li id="menu-item-39242" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-39242"><a title="Previous Artemis conferences" href="http://www.artemis.bm/conference-reports/">Previous Artemis conferences</a>
	<ul class="sub-menu">
		<li id="menu-item-43973" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-43973"><a title="ILS NYC 2018" href="http://www.artemis.bm/ils-nyc-2018/">ILS NYC 2018</a></li>
		<li id="menu-item-40575" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-40575"><a title="ILS Asia 2017" href="http://www.artemis.bm/ils-asia-2017/">ILS Asia 2017</a></li>
		<li id="menu-item-39244" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-39244"><a title="ILS NYC 2017" href="http://www.artemis.bm/ils-nyc-2017/">ILS NYC 2017</a></li>
		<li id="menu-item-39243" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-39243"><a title="ILS Asia 2016" href="http://www.artemis.bm/ils-asia-2016/">ILS Asia 2016</a></li>
	</ul>
</li>
</ul>
</li>
<li id="menu-item-6806" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-6806"><a title="Catastrophe or peril information, data and reports" href="#">Catastrophes</a>
<ul class="sub-menu">
	<li id="menu-item-42139" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-42139"><a title="2017 Atlantic Hurricane Season" href="http://www.artemis.bm/blog/2017-atlantic-hurricane-season/">2017 Atlantic Hurricane Season</a></li>
	<li id="menu-item-20341" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-20341"><a title="Atlantic hurricane season archives" href="#">Atlantic hurricane season archives</a>
	<ul class="sub-menu">
		<li id="menu-item-35571" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35571"><a title="2016 Atlantic Hurricane Season" href="http://www.artemis.bm/blog/2016-atlantic-hurricane-season/">2016 Atlantic Hurricane Season</a></li>
		<li id="menu-item-26565" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26565"><a title="2015 Atlantic Hurricane Season" href="http://www.artemis.bm/blog/2015-atlantic-hurricane-season/">2015 Atlantic Hurricane Season</a></li>
		<li id="menu-item-17534" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-17534"><a title="2014 Atlantic Hurricane Season" href="http://www.artemis.bm/blog/2014-atlantic-hurricane-season/">2014 Atlantic Hurricane Season</a></li>
		<li id="menu-item-20338" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20338"><a title="News and articles about the 2014 Atlantic hurricane season" href="http://www.artemis.bm/blog/tag/2014-atlantic-hurricane-season/">Articles about the 2014 Atlantic hurricane season</a></li>
		<li id="menu-item-20342" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20342"><a title="2013 Atlantic Tropical Storm &#038; Hurricane Season" href="http://www.artemis.bm/blog/2013-atlantic-hurricane-season/">2013 Atlantic Tropical Storm &#038; Hurricane Season</a></li>
		<li id="menu-item-20339" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20339"><a title="News and articles about the 2013 Atlantic hurricane season" href="http://www.artemis.bm/blog/tag/2013-atlantic-hurricane-season/">Articles about the 2013 Atlantic hurricane season</a></li>
		<li id="menu-item-20343" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20343"><a title="2012 Atlantic Tropical Storm &#038; Hurricane Season" href="http://www.artemis.bm/blog/2012-atlantic-hurricane-season/">2012 Atlantic Tropical Storm &#038; Hurricane Season</a></li>
		<li id="menu-item-20340" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20340"><a title="News and articles about the 2012 Atlantic hurricane season" href="http://www.artemis.bm/blog/tag/2012-atlantic-hurricane-season/">Articles about the 2012 Atlantic hurricane season</a></li>
		<li id="menu-item-20344" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20344"><a title="2011 Atlantic Tropical Storm &#038; Hurricane Season" href="http://www.artemis.bm/blog/2011-atlantic-hurricane-season/">2011 Atlantic Tropical Storm &#038; Hurricane Season</a></li>
		<li id="menu-item-20345" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20345"><a title="2010 Atlantic Tropical Storm &#038; Hurricane Season" href="http://www.artemis.bm/blog/2010-atlantic-tropical-storm-hurricane-season/">2010 Atlantic Tropical Storm &#038; Hurricane Season</a></li>
		<li id="menu-item-20346" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20346"><a title="2009 Atlantic Tropical Storm &#038; Hurricane Season" href="http://www.artemis.bm/atlantic_tropical_storm_season/2009_hurricane_season.html">2009 Atlantic Tropical Storm &#038; Hurricane Season</a></li>
		<li id="menu-item-20347" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20347"><a title="2008 Atlantic Tropical Storm &#038; Hurricane Season" href="http://www.artemis.bm/atlantic_tropical_storm_season/2008_hurricane_season.html">2008 Atlantic Tropical Storm &#038; Hurricane Season</a></li>
	</ul>
</li>
	<li id="menu-item-20525" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-20525"><a title="U.S. tornadoes and severe thunderstorms" href="http://www.artemis.bm/blog/u-s-tornadoes-and-severe-thunderstorms/">U.S. tornadoes and severe thunderstorms</a></li>
	<li id="menu-item-20372" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-20372"><a title="Recent and significant earthquakes around the world" href="http://www.artemis.bm/blog/recent-earthquakes/">Recent earthquakes</a></li>
</ul>
</li>
<li id="menu-item-20337" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-20337"><a title="ILS &#038; Reinsurance Market Indices" href="#">Indices</a>
<ul class="sub-menu">
	<li id="menu-item-8739" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-8739"><a title="Eurekahedge ILS Advisers Insurance Linked Securities Fund Index" href="http://www.artemis.bm/eurekahedge_ils_advisers_insurance_linked_securities_fund_index/">ILS Fund Performance Index</a></li>
	<li id="menu-item-13860" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-13860"><a title="Mercury investible Catastrophe Risk Index (MiCRIX)" href="http://www.artemis.bm/mercury_micrix/">Mercury investible Catastrophe Risk Index (MiCRIX)</a></li>
	<li id="menu-item-32121" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-32121"><a title="Guy Carpenter Global Property Catastrophe Rate-On-Line Index" href="http://www.artemis.bm/indices/global-property-cat-rate-on-line-index.html">Global Property Catastrophe Rate-On-Line Index &#8211; Guy Carpenter</a></li>
	<li id="menu-item-32122" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-32122"><a title="Guy Carpenter U.S. Property Catastrophe Rate-On-Line Index" href="http://www.artemis.bm/indices/us-property-cat-rate-on-line-index.html">U.S. Property Catastrophe Rate-On-Line Index &#8211; Guy Carpenter</a></li>
	<li id="menu-item-33713" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-33713"><a title="Guy Carpenter Regional Property Catastrophe Rate-On-Line Index" href="http://www.artemis.bm/indices/regional-property-cat-rate-on-line-index.html">Regional Property Catastrophe Rate-On-Line Index &#8211; Guy Carpenter</a></li>
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					<h1 class="entry-title">Aggregate cat bonds, private ILS seen most exposed to hurricane Harvey</h1>
	
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					<p class="headline_meta">by <span class="author vcard fn">Artemis</span> on <abbr class="published" title="2017-08-30">August 30, 2017</abbr></p>
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<div class="pf-content"><p>Ratings agencies see aggregate catastrophe bonds and private ILS or collateralized reinsurance contracts as having the greatest exposure to hurricane Harvey&#8217;s impacts on Texas, but for losses to occur and be significant the final bill will need to come in at the upper end of industry loss estimates.<br />
<span id="more-44248"></span><br />
Rating agency Standard &amp; Poor&#8217;s said that, &#8220;Given current loss estimates, we do not anticipate any of the natural catastrophe bonds we currently rate with per-occurrence triggers to be affected.&#8221;</p>
<p>The insurance and reinsurance industry loss is expected to fall too far below where cat bonds that provide per-occurrence coverage are structured to pay out, meaning that the majority of cat bonds exposed to the reason are deemed safe from loss as a result.</p>
<p>With private re/insurance industry loss estimates currently ranging from around $5 billion to $20 billion the chances of cat bond exposure are lessened. The majority of per-occurrence structures provide tail protection for their sponsors, so are designed to trigger only in the most severe industry loss events.</p>
<p><a href="http://www.artemis.bm/blog/2017/08/29/air-puts-harvey-wind-surge-insured-loss-at-up-to-2-3bn/">AIR said it expected an industry loss of up to $2.3 billion from wind and surge damage</a> caused by hurricane Harvey, while equity research <a href="http://www.artemis.bm/blog/2017/08/29/hurricane-harvey-loss-up-to-20bn-unlikely-to-move-pricing-analysts/">analysts called for a market loss of as much as $20 billion,</a> taking into account commercial flood and other lines of business and business interruption.</p>
<p>However, aggregate catastrophe bonds are another story, as they can accumulate losses eroding the deductibles and aggregating loss activity over a year. As different catastrophe events qualify under the terms of these aggregate cat bonds, the qualifying losses increase, shrinking the amount of future qualifying losses required for the attachment point to be reached.</p>
<p>There is a chance that hurricane Harvey could cause some qualifying losses under aggregate cat bonds, with S&amp;P highlighting two USAA sponsored deals that it rates as potentially at risk.</p>
<p>S&amp;P said that both the <a title="Residential Reinsurance 2016 Ltd. (Series 2016-1)" href="http://www.artemis.bm/deal_directory/residential-reinsurance-2016-ltd-series-2016-1/">Residential Reinsurance 2016 Ltd. (Series 2016-1)</a> Class 13 and <a title="Residential Reinsurance 2017 Ltd. (Series 2017-1)" href="http://www.artemis.bm/deal_directory/residential-reinsurance-2017-ltd-series-2017-1/">Residential Reinsurance 2017 Ltd. (Series 2017-1)</a> Class 13 notes cover losses on an annual aggregate basis, and are exposed to hurricane events in Texas and Louisiana.</p>
<p>Interestingly though, S&amp;P only rated the Class 13 notes in each cat bond deal, while there are two other much riskier Class 10 tranches of notes in these Residential Re transactions which would capture qualifying aggregate losses first. However, S&amp;P only tends to discuss tranches of notes it has rated, so the context of the tranches that might sit beneath them can get a little lost.</p>
<p>Details of USAA&#8217;s catastrophe bond arrangements show us that the Class 10 tranches of notes from both ResRe cat bond deals are sitting much further down the aggregate tower and so have a greater risk of losses qualifying and eroding their retention. Meanwhile the <a title="Residential Reinsurance 2013 Ltd. (Series 2013-2)" href="http://www.artemis.bm/deal_directory/residential-reinsurance-2013-ltd-series-2013-2/">Residential Reinsurance 2013 Ltd. (Series 2013-2)</a> Class 2 notes would be the most exposed per-occurrence tranche of USAA sponsored cat bond notes, again as they sit the furthest down the per-occurrence tower.</p>
<p>So, while there could be some aggregated qualifying losses from catastrophe bonds to deal with, raising the risk associated with these bonds for the duration of their current risk periods, it is thought unlikely to be a sufficient quantity of losses from hurricane Harvey alone to trigger any of these.</p>
<p>Likewise, currently <a href="http://www.artemis.bm/blog/2017/08/29/cat-bond-funds-dont-expect-harvey-loss-private-ils-more-exposed/">the cat bond investment market does not expect Harvey to be a sufficiently large insured loss to impact any per-occurrence catastrophe bonds</a>, even those sitting as low down as the ResRe 2013-2 Class 2 notes we mention above.</p>
<p><a href="http://www.artemis.bm/blog/2017/08/28/cat-bond-market-drops-on-harvey-close-shave-for-fonden-multicat-deal/">The Fonden 2017 cat bond, covering Mexico on a parametric basis, remains a difficult one to call</a>, as it may have to wait for the final tropical cyclone report figures to be released before a determination of its fate is 100% accurate. However, given the pressure was higher than the trigger by a good few millibars when  Harvey crossed into the parametric box, it currently seems like this should be deemed safe (although remember Patricia and MultiCat).</p>
<p>S&amp;P notes of the two Residential Re cat bond tranches it rates that; &#8220;While losses in excess of the franchise deductible ($50 million) are possible, it is too early to determine what the loss attributed to these two bonds will be. Depending on the covered loss amount, we could take a negative rating action.&#8221;</p>
<p>As we said, before these two rated tranches are troubled by aggregating losses the other tranches sitting beneath them would come into play.</p>
<p>Meanwhile, Fitch Ratings said that, as well as impacting insurance and reinsurance companies, hurricane Harvey has, &#8220;The potential to also affect collateralized reinsurers and insurance-linked securities (ILS) markets.&#8221;</p>
<p>&#8220;Collateralized reinsurance and ILS markets also have exposure to Texas property risk but losses would be limited in a less severe insured loss event,&#8221; Fitch Ratings continued to explain.</p>
<p>All of this goes along with our earlier article, which stated that catastrophe bond fund managers are not expecting any significant losses (perhaps none at all) from hurricane Harvey, but private ILS interests are expected to see some losses from the event, although this may not be significant as Fitch suggests above.</p>
<p>We have to reiterate that it remains very early for loss projections to be accurate, but at this stage it seems very unlikely that per-occurrence cat bonds will face any loss, likely that aggregate cat bonds will only face an erosion of their buffers, and private ILS or collateralized reinsurance and retrocession is where the majority of the hurricane Harvey loss could fall to the ILS market.</p>
<p><strong>Also read:</strong></p>
<p>– <a href="http://www.artemis.bm/blog/2017/08/29/hurricane-harvey-floods-could-hit-nfips-1billion-reinsurance-layer/">Hurricane Harvey floods could hit NFIP’s $1 billion reinsurance layer</a>.</p>
<p>– <a class="blogitem" href="http://www.artemis.bm/blog/2017/08/29/markel-catco-sees-minimal-harvey-hit-at-below-10bn-industry-loss/">Markel CATCo sees minimal Harvey hit at below $10bn industry loss</a>.</p>
<p>– <a href="http://www.artemis.bm/blog/2017/08/29/hurricane-harvey-loss-up-to-20bn-unlikely-to-move-pricing-analysts/">Hurricane Harvey loss up to $20bn, unlikely to move pricing: Analysts</a>.</p>
<p>– <a href="http://www.artemis.bm/blog/2017/08/29/cat-bond-funds-dont-expect-harvey-loss-private-ils-more-exposed/">Cat bond funds don’t expect Harvey loss, private ILS more exposed</a>.</p>
<p>– <a href="http://www.artemis.bm/blog/2017/08/29/air-puts-harvey-wind-surge-insured-loss-at-up-to-2-3bn/">AIR puts Harvey wind &amp; surge insured loss at up to $2.3bn</a></p>
<p>– <a href="http://www.artemis.bm/blog/2017/08/28/cat-bond-market-drops-on-harvey-close-shave-for-fonden-multicat-deal/">Cat bond market drops on Harvey, close shave for Fonden 2017 deal?</a></p>
<p>– <a class="blogitem" href="http://www.artemis.bm/blog/2017/08/26/live-cat-trades-completed-on-hurricane-harvey-threat/">Live cat trades completed on hurricane Harvey threat</a>.</p>
<p>– <a href="http://www.artemis.bm/blog/2017/08/26/harvey-makes-landfall-as-category-4-hurricane-130mph-winds/">Harvey makes landfall as Category 4 hurricane, 130mph winds</a>.</p>
<p>– <a href="http://www.artemis.bm/blog/2017/08/25/half-of-hurricane-harvey-loss-could-fall-to-reinsurance-j-p-morgan/">Half of hurricane Harvey loss could fall to reinsurance: J.P. Morgan</a>.</p>
<p>– <a href="http://www.artemis.bm/blog/2017/08/25/hurricane-harvey-catastrophe-bond-exposure/">Hurricane Harvey – catastrophe bond exposure</a>.</p>
<p>– <a class="blogitem" href="http://www.artemis.bm/blog/2017/08/24/as-harvey-nears-texas-analysts-highlight-reinsurers-risk-of-losses/">As Harvey nears Texas, analysts highlight re/insurers risk of losses</a>.</p>
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<h3>Latest Cat Bond Deals</h3><table width="100%" align="left" class="table-style01">
	<tbody>
		<tr> 
            <th>Issuer</td>
            <th>$</td>
        </tr>
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									<td valign="top"><a href="http://www.artemis.bm/deal_directory/ibrd-car-120/">IBRD CAR 120</a></td>
									<td valign="top">$175m</td>
								</tr>
								<tr>
									<td valign="top"><a href="http://www.artemis.bm/deal_directory/ibrd-car-118-119/">IBRD CAR 118-119</a></td>
									<td valign="top">$225m</td>
								</tr>
								<tr>
									<td valign="top"><a href="http://www.artemis.bm/deal_directory/ibrd-car-117/">IBRD CAR 117</a></td>
									<td valign="top">$300m</td>
								</tr>
								<tr>
									<td valign="top"><a href="http://www.artemis.bm/deal_directory/ibrd-car-116/">IBRD CAR 116</a></td>
									<td valign="top">$300m</td>
								</tr>
								<tr>
									<td valign="top"><a href="http://www.artemis.bm/deal_directory/alpha-terra-validus-ii/">Alpha Terra Validus II</a></td>
									<td valign="top">$5m</td>
								</tr>
	</tbody>
</table>
<p>View <a href="http://www.artemis.bm/deal_directory/">all catastrophe bonds</a></p><a href="http://www.sscglobeop.com/en-us/services/fundadministration/risklinkedinvestmentservices.aspx" onclick="_gaq.push(['_trackEvent', 'outbound-widget', 'http://www.sscglobeop.com/en-us/services/fundadministration/risklinkedinvestmentservices.aspx', '']);" target="_blank" rel="nofollow"><img align="centre" border="0" src="/images/adverts/prime_banner.gif"></a><br /><a href="http://www.bsx.com" onclick="_gaq.push(['_trackEvent', 'outbound-widget', 'http://www.bsx.com', '']);" target="_blank" title="Bermuda Stock Exchange" rel="nofollow"><img align="centre" border="0" src="/images/adverts/bsx180x75.gif"></a><br /><a href="http://www.artemis.bm/blog/advertise-to-the-catastrophe-bond-risk-transfer-and-weather-risk-markets/" title="Advertise to the catastrophe bond and ILS market"><img align="centre" border="0" src="/images/adverts/Advertise_here_180x75.gif"></a><br /><a href="https://www.scor-ip.com" onclick="_gaq.push(['_trackEvent', 'outbound-widget', 'https://www.scor-ip.com', '']);" target="_blank" title="SCOR Global Investments" rel="nofollow"><img align="centre" border="0" src="/images/adverts/scor180x75.gif"></a></div>
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				<a href="http://www.artemis.bm/blog/2018/02/09/zenkyoren-returns-for-250m-nakama-re-2018-earthquake-cat-bond/">Zenkyoren returns for $250m Nakama Re 2018 earthquake cat bond</a>
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				<a href="http://www.artemis.bm/blog/2018/02/08/industry-pushed-to-rethink-retool-faries-tokio-millennium-re/">Industry pushed to rethink &#038; retool: Faries, Tokio Millennium Re</a>
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				<a href="http://www.artemis.bm/blog/2018/02/08/swiss-re-softbank-xl-allianz-scale-relevance-transformation/">Swiss Re / SoftBank, XL / Allianz &#8211; scale, relevance &#038; transformation</a>
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