Rate expectations moderating as Irma loss estimates fall

Expectations of a truly hard market for US property catastrophe
treaty business are starting to recede as initial indications
suggest that Hurricane Irma was a less severe event than
expected.
Modelling agency forecasts have continued to drop, with AIR
Worldwide reining in its loss estimate from $20bn-$65bn on Friday
to $20bn-$40bn on Monday. Yesterday's (11 September) estimate
was still based on a pre-landfall storm track.
Market sources are highly cautious around the quantum of the
loss, but l