California
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility. -
The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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KCC is part of the CDI’s review into creating a public wildfire cat model for insurers.
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The carrier has received 12,300 claims as of 28 March.
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Sources warned some property XoL books are already running 50% loss ratios.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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This came as the market’s underwriting profit dipped 10% for 2024.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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As of 14 February, the company received 405 claims.
