Claims and losses

The east coast of the country was struck by severe rainstorms earlier in the year.

The varying treatment of the flood losses raises questions over how the industry should define flood events.

The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.

Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.

The cover offers protection for a one-in-160-year first event.

The weather system has arisen early in the season when some insurers are still yet to renew reinsurance.

The university’s predictions increase to 20 named storms, including 10 hurricanes, for the season that started on Wednesday.

The broker noted, however, that at this time last year the consensus was also for a slightly above average season which turned out to be the third most active season ever.

DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said.

The flooding in February and March now ranks among Australia’s five largest loss events.

The forecast range of hurricanes is slightly wider than in 2021, but in line with 2020. 

The reinsurer has put the first layer through its captive, a move that reflects the lack of reinsurance capacity for this high-risk business.