Rates
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Multiple carriers had to revise official terms to get programmes home as reinsurers held firm on price demands.
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The CIAB’s latest market survey also found carriers pushing for higher deductibles.
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Small increases on international cat treaties such as the New Zealand EQC are being welcomed by reinsurers, with US nationwide deals also rising by up to 15%. -
Earlier this month, the carrier said it wouldn’t renew its 2017 Torrey Pines Re cat bond.
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After the immediate claims hit, reinsurers face the prospect of harder rates but shrinking premium volumes in some lines.
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Reinsurers have held the line on pricing as cedants seek to close out deals, with the market showing further hardening.
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Capitol Preferred cancelling over 23,000 policies could drive customers to state-backed insurer Citizens.
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The combined ratio for select firms could rise 2.4 points to 103.5 percent this year, the agency predicts.
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Reinsurance rates increased were manageable, a number of carriers said.
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Even as Florida rates improve, the reinsurer said it expects to hold back capacity for net growth and potential new demand.
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Reinsurers push back on aggregate exposure from cascading covers as market gets more differentiated.
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The Floridian insurer said it has secured most of the reinsurance limit it requires ahead of the 2020 hurricane season.
