Australia: Cyclone Ita threatens bond market

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The catastrophe bond market is tracking Tropical cyclone Ita as it moves closer to the north Queensland coastline in Australia, reports

Latest reports show that it has faintly weakened to Category 4 and its track has shifted a bit further to the east but if the cyclone skirts the coast, high wind speeds could continue for longer meaning higher insurance losses. Munich Reinsurance Co.'s Queen Street IX Re Ltd. and QBE Insurance Group Ltd.'s VenTerra Re Ltd. (Series 2013-1) are among cat bonds exposed to this risk, reported.

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