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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said. -
Total combined losses for the agency’s Helene and Milton estimates stand at $31.8bn.
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A higher loss quantum will put a greater burden on retro programmes.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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Insurance Insider ILS revealed last week that the executive was leaving Property Claims Services.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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New limit of $474mn entered the market across two deals.
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The Class B segment of the bond has priced below initial guidance.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The bond provides coverage for storms, earthquakes and severe weather events.
