Hurricane Helene

On September 27, 2024, category 4 hurricane Helene made landfall in Florida's Big Bend region. Due to the storm’s high forward speed, hurricane force winds reached far inland and affected Georgia and the Carolinas as well. In addition, the system was very large, so that regions far from the centre of the storm were still exposed to strong winds and storm surge. In the hinterland, Helene came to a standstill and rained down over a large area, causing severe flash flooding, particularly on the flanks of the Appalachian Mountains.

The storm claimed a high number of lives. In terms of insured loss, however, it is expected that the outcome will not be truly catastrophic. With the strongest winds and highest storm surge occurring in very sparsely populated areas, losses from Florida are expected to be moderate for a storm of this intensity. The hinterland floods, in turn, occurred in areas with below-average insurance density. Price indications of catastrophe bonds did not react strongly at the end of September, and initial analyses by risk-modelling firms from early October confirm the picture of an insurance event of moderate severity.

An impact on the Solidum ILS and Cat Bond Funds is not expected from this event. For further information we refer to the linked report.