“Coming into the conference it certainly looked like Irma could be the proverbial big one, but the losses while meaningful are not going to be as significant as many had feared,” says Hemant Shah, co-founder and chief executive of RMS

”I think this event will be an important way of reinforcing it doesn’t take an actual $100bn + loss event.

”This industry understands with Harvey and now with Irma that there is embedded CAT risk, it’s part of the risk profile of the industry and I think it’s going to serve as a stabilising influence on the market place.”