Business interruption

The firm reported record fee income of $128.2mn in 2024, up 26%.

Novelty premiums will likely fade once investors are more comfortable with the risk.

The company said $13bn-$22bn will come from wind damage.

Earlier this week, RMS estimated insured losses for Helene and Milton at $35bn-$55bn.

The figure does not include NFIP losses.

Most of the estimated insured losses will be retained by insurers.

Building better exposure datasets could draw a broader range of investors.

The carrier estimates the total industry loss for the Microsoft/CrowdStrike outage at around $1bn-$2bn.

The event could unpack issues around accumulation risk and cloud services.

The biggest losses were from wind damage after the storm’s Texas landfall.

CFO Dacey said ILS investors were not extrapolating too much emphasis from strong returns in 2023.

The Magnitude-7.4 earthquake occurred early on 3 April.

Revenue, country and industry sector drive modelled output divergence.

The carriers were in arbitration with UnipolRe and Gen Re.

More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.

In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.

The carrier describes reinsurers’ current strategy of dealing with cyber policies as "a game of whack-a-mole"

The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier

A Guy Carpenter report recently noted that risk models are converging for the most remote risk levels.

Softening cat bond rates are among the bearish signals for cat rates, but latent new demand and still-cautious supply should prolong reinsurer gains.

The insurer’s expected full-year combined ratio is 94% and constant currency GWP growth 10%.

The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.

Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.

The broker said climate, conflict and capital concerns will keep driving up reinsurance rates but suggested new capital may be attracted to the market.

The carrier said its commercial business gave the company a platform to build on.

Experts say cyber ILS offerings including cat bonds could be near, but concerns over structures, modelling and correlation persist.

There is a tension between securing payback and negotiating higher retentions.

The insurer predicts there will be some release from its provision, but it will happen over time and is subject to court proceedings.

Policy holders The Taphouse Townsville and LCA Marrickville, and insurer IAG have each filed applications for special leave to appeal to the Australian High Court.

Even though underlying ILS market conditions are improving, getting a hearing from investors could become harder.

The court upheld decisions made in October, although it reversed some elements of the case between IAG and Meridian Travel.

Investors are increasingly concerned about legislative changes and climate change, but there are drivers for optimism, the consultant said.

Another pandemic outbreak came in fourth place, with 22% of respondents saying they were worried about further health and workforce issues and movement restrictions in 2022.

Personnel turnover and ongoing redevelopment into new areas were the notable themes of the past 12 months.

October storms touched the insurer’s occurrence reinsurance trigger of A$169mn.

Sidecars have lost some of their lustre in recent years but are still generally seen as an efficient diversifier.

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.

The carrier last year said its K sidecar would pick up Covid claims over time.

The reinsurer’s net exposure was up 36% as it retained more risk in retro and North American cat.

The firm reported an industry-wide loss of $36.8bn caused by the pandemic, up from $29.5bn in Q3.

Covid-19 losses remained stable as the insurer said rate rises should endure.

Interest in parametric coverages has increased among insurance buyers as a response to coverage gaps exposed by unanticipated losses and tightening traditional market capacity.

Private-public partnerships can provide first-step survival financing if not a full solution for all companies.

The tally so far comes in far below the broker’s year-ago estimate of $80bn for a twelve-month lockdown.

The organisers pledge to return to Monte Carlo in September 2022.

Aon has said it expects the economic cost of physical damage and business interruption caused by the polar vortex-linked cold snap to “well exceed $10bn”, in an Impact Forecasting report released on Thursday.

The firm reported a $100mn drop in ILS AuM to $1.4bn, although previously had said deployable capital was lower.

Some had argued that the definition of occurrence used by judges could make it harder for insurers to aggregate treaty claims.

The carrier revealed 10.9% premium volume growth at 1.1.