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The reinsurer’s net exposure was up 36% as it retained more risk in retro and North American cat. -
The firm reported an industry-wide loss of $36.8bn caused by the pandemic, up from $29.5bn in Q3.
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The yardstick will allow insurers and financial institutions to assess companies’ transition plans against the 2015 Paris Agreement.
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The initial loss figure was A$1.23bn, with a second report putting the loss at around A$1.3bn.
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The pool, which will cover cyclone and related flood damage from July 2022, is expected to bring down the cost of insurance.
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The Senate has signed off an insurance reform bill which eliminated earlier proposals on cash roof settlements and fee multipliers, but reduced the statue of limitations and made other pro-industry changes.
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The primary unit swings back to profit, while P&C re earnings expand seven-fold.
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The insurer reported no new above-budget weather losses in the quarter.
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The reinsurer said it had significantly grown its casualty underwriting portfolio, but also returned $230mn via share buybacks to mid-April.
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Chairman Paul Folino said he expected the deal to be completed over the second quarter.
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Covid-19 losses remained stable as the insurer said rate rises should endure.
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The carrier racks up losses from Uri and Filomena as well as deterioration on Laura and Sally.
