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Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said. -
Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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The reinsurer said hardening of property reinsurance conditions must continue.
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The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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Cyber reinsurance has around $500mn of annual capacity currently supporting the space.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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A number of players suggested that the cost components of first-party claims were up between 30%-50% on that seen during Ransomware Wave One.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
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Mallen previously spent over 10 years at Chaucer, most recently as a US casualty reinsurance underwriter.
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The IOP will be integrated into the Open Protocol reporting template.
