Munich Re

The reinsurer said cyclone losses were above average with global insured losses at $25bn.

The Italian insurer also plans to renew its Azzurro Re I cat bond next year.

Reinsurance market sources expected Hurricane Michael to cause insured industry losses of $10bn, but the limited number of public loss estimates released to date suggest Florida insurers are hoping it will remain below this level.

It will take an additional EUR350mn in Q4 from Trami and Michael.

Munich Re said there was growing pressure for underwriting discipline.

The Bay and Gulf counties in Florida are likely to the bear the brunt of Hurricane Michael losses.

The buyer expects to pay about £102mn ($134.7mn) in cash for Beaufort Underwriting Agency and its Syndicate 318.

The analyst estimated the continental (re)insurers are each on course to take 5% of losses from the Category 2 hurricane heading for the Carolinas.

The Swedish insurers’ association Svensk Forsakring has estimated the fires that swept through Swedish forests from May to July will lead to insured losses of SEK800mn ($87mn).

The ratings agency says insurers may need to pursue loss-reduction strategies, with 2018 possibly on track to produce more claims than 2017.

The reinsurer's drop in P&C profit was due to an increase in man-made losses, as it grew its US and Australian book in July.

Insured losses fell by a third year-on-year as overall damage from first-half cat events fell to a 13-year low.