Stocks
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Surpassing the $30bn threshold will trigger more occurrence covers, as another painful year looms for aggregate writers. -
Provinzial confirmed its claims had risen above EUR1bn and it now estimates they could reach EUR1.5bn.
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Progressive books $341.9mn in cat losses from Hurricane Ida in August and sees the total rising to $510mn.
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The fund’s post-Irma shareholders made a small loss in the same period.
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Retro rates were in some cases falling by mid-year, ahead of the recent losses.
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The flooding in the northeast increases scope for commercial lines and auto losses.
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The carriers with the largest Louisiana market shares also ceded more than $100mn to Lloyd’s syndicates during 2020.
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The company predicts that total insured and uninsured losses from the storm overall will amount to between $27bn and $40bn.
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The further losses edge into the $20bn range, the more the loss will shift to the retro market, but high uncertainty remains.
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It is currently expected to make landfall on the Gulf Coast of Louisiana in the early hours of Monday morning.
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Proactive price action is enough to keep pace with inflation – for now.
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The deal takes year-to-date private cat bond volumes up to $601.7mn, according to Trading Risk data.
