Claims and losses

The move would enable the company to achieve “overall actuarial soundness”.

The agency highlighted potential aviation losses from the war ranging from $6bn to $15bn.

Chances of a major hurricane making landfall is above the norm this year.

Most of the losses occurred in Germany, followed by the Benelux states, the UK and France.

Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.

The study says a more La Niña-like environment has driven the trend.

A flurry of selling in the secondary cat bond market is causing “weakness in pricing”, according to a note by Twelve Capital, as sources suggested investors are moving to free up capital for what is expected to be a bumper pre-hurricane season phase.

Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.

Of that roughly $400mn to $820mn can be attributed to commercial and industrial properties, according to Verisk.

The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.

Property losses contributed 88% of the total industry loss total, while 12% were due to motor lines of business.

This is down from the one-in-400-year benchmark used previously.