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ILS investors’ stress over Gibson Re is unlikely to inhibit legacy ILS’s future. -
Geico more than tripled underwriting profits.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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Total pre-tax cat losses for the quarter grew sixfold YoY to $135mn.
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The slowdown was based on a conviction of “higher likelihood of frequency events” this year.
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The firm also posted a 56% increase in fee income.
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The rise is equal to 5%-10% of catastrophe capacity purchased, including cat bonds, depending on region.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The profile of the loss could provide comfort to investors around exposure diversification.
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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
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