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The broker said global cat rates rose 3% in the 1 January reinsurance renewals. -
The firm’s reinsurance leader said over-subscriptions on cat reinsurance programmes have been driven by a psychological shift.
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The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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The ICA escalated the event from a ‘significant event’ to an 'insurance catastrophe', reflecting the escalating severity of the situation.
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The broker has reported that Storm Zoltan is set to become the second-highest wind-related insured loss event in Europe in 2023 after Storm Ciarán.
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Guy Carpenter said overall reinsurance capacity ranged from "adequate to ample" in the 1.1 renewal, with its estimate of ILS growth coming in ahead of mid-year projections.
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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.
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The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
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More policies were removed through depopulation in Citizens this year than the previous seven years combined.
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Slade was previously president at Markel’s ILS fund manager Lodgepine Capital.
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HCI is offering one million common stock shares priced at $78 per share.
