-
Buyers expect rates to climb by 2.5% to 15%, continuing year-on-year hikes since 2017. -
The ratings agency’s survey found that a trend of rising claims is expected to continue, but reinsurance demand is likely to flatten, mostly because of high costs.
-
The analytics firm said that the majority of insured losses will be attributable to wind.
-
Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
-
Karen Clark & Company said the majority of insured losses will incur from US wind and storm surge damage, apart from just under $5mn which was attributed to winds across the Caribbean.
-
The ratings agency said there had been no capital inflows through new company formations.
-
Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
-
The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
-
The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.
-
In addition, Arch Re global CUO Pierre Jal moved to Zurich to take over as Europe CUO, while president Matthew Dragonetti expanded his scope to lead client-centric initiatives.
-
The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.
-
For insurers, the Golden State is one of the last places they want to face disputes or lawsuits with consumers.
