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Gallagher Re says Isaias unlikely to disrupt Jan 1 renewals
The firm estimates Isaias could still deliver hurricane-force winds and a coastal storm surge of 5 to 7 feet, while noting uncertainty around landfall and intensity.
Gallagher Re says Tropical Storm Isaias is unlikely to meaningfully affect upcoming January 1 reinsurance renewals, citing what it describes as ample global reinsurance capital and a relatively modest expected loss magnitude versus industry capacity.
Reinsurance News reports that Gallagher Re expects Isaias to intensify rapidly over the Gulf, with landfall forecast along the northern Gulf Coast late Friday or early Saturday, though the firm also flags ample uncertainty around the eventual landfall location and intensity.
The firm said wind shear is expected to bring some weakening ahead of landfall, but Isaias could still produce hurricane-force winds and 5 to 7 feet of coastal storm surge above normally dry ground.
Gallagher Re also highlighted risks from flooding, heavy rainfall, and possible tornadoes in the storm’s outer bands across parts of Alabama, the Florida Panhandle, Mississippi, and Louisiana.