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The March 13-16 storms would mark the first billion-dollar US SCS event of the year. -
MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Both syndicates also reported a deterioration in their combined ratios.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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Sources warned some property XoL books are already running 50% loss ratios.
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The cat bond manager warned of excess downside risk owing to an accumulation of losses.
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The insurance industry has experienced mounting losses from severe convective storms.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
