Hurricane

AuM remains generally flat at UCITS funds over the weeks since LA fires started.

Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.

Capital inflows, notably into UCITS funds, and accumulated returns supported issuance of $17.2bn in 2024.

Axis Capital’s fee income from strategic capital partners grew 39% to $85mn in the year to 31 December 2024, up from $61mn the year prior, the firm’s Q4 earnings release said.

The Floridian also expects to report its “best earnings quarter” for Q4 2024.

The reinsurer reported total fee income of $77.1mn.

The industry loss number has increased threefold from an initial $5bn pick.

Total economic losses were $368bn, 14% above the 21st century average.

The carrier’s Milton loss came in below expectations, but its fire claims will be “material” in Q1.

CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.

The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.

Hurricane Milton resulted in the largest insured loss of the year at $25bn.