Business interruption

The judgment ruled that clauses in insurers’ BI policies covering infectious diseases meant cover was only present for closures relating to an outbreak on assureds’ premises specially.

Surpassing the $30bn threshold will trigger more occurrence covers, as another painful year looms for aggregate writers.

The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.

The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.

The broker expects ongoing single-digit growth within the ILS market.

Post-Covid demand surge is a particular focus and fear.

Ida has weakened to a tropical storm after knocking out power to New Orleans and other coastal areas of Louisiana overnight.

The carrier said July flooding in Europe and South African unrest would bring losses in the mid-triple-digit million range for Q3.

The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.

The RMS V21 model update for North Atlantic hurricane incorporated data from recent major loss years but overall annual average losses have only risen up to 10% across the US.

The November gathering will aim to combine a virtual segment and a “scaled-down” live event held in line with health and safety protocols.

There is little sign of retro demand returning after buyers cut back in January.