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The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit. -
The outcomes were better than the Swiss Re global cat bond index decline after the major hurricane.
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The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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The major ILS investor described 2023 opportunities as attractive but said they were set to get more selective in the industry.
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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
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The New Zealand pension investor said the range of outcomes for its ILS portfolio was “wide”.
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The cat bond market has a high level of exposure to Florida wind risk.
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The Swiss ILS specialist pointed to potential impacts on Floodsmart, Florida indemnity and index-linked bonds.
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With an industry loss of less than $30bn, the cat bond segment can “shrug it off”, but a $50bn-plus loss would have major impacts, speakers suggested.
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Flagship sidecar funds run by Stone Ridge and Amundi Pioneer lost 12% and 5% respectively last week.
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In 2022, the NFIP placed reinsurance with 28 private companies - including 13 Lloyd’s syndicates.
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