Twelve Capital Event Update

icn-dark-hurricane17 October 2022

Hurricane situation

Currently there are no storms in either the Atlantic or the Eastern Pacific and none are expected in the next five days.

The only active storm is Typhoon Nesat, which is currently a category 1 storm located in the South China Sea heading towards northern Vietnam. Latest predictions have this storm weakening in the coming days, and this is not in an area of risk for Twelve Capitals’s positions so we expect no loss.

Hurricane Ian update

The first loss indications have started to come in, as well as catastrophe modelling companies working to refine their estimates. At present the possible industry losses range is USD 40bn to USD 70bn, with a simple average of USD 55bn. The current wide range of estimates is aiming to take account not only of the wind and water damage, but also potential impacts of inflation, and also any subsequent litigation around homeowner claims in the coming months and years.

Twelve Capital continues to closely monitor any catastrophe events and will issue specific updates on any relevant new major events that occur. Given the end of the Atlantic hurricane season is approaching, event updates will now be provided every second week.