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Both gross and net exposures increased in the pandemic year, but net PMLs rose faster, a modelling report from the BMA shows. -
Jefferies’ report shows that cat losses have been spread across a broader range of perils and regions this year.
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It had previously sought $100mn.
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The move comes amid limited availability of annual aggregate cover.
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The catastrophe bond offers an increased spread compared to initial guidance.
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CyberCube forecast further capital market capacity will hit the cyber insurance market next year.
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The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.
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The target spread has gone up 4% on the high-risk aggregate deal.
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The Singaporean authority is understood to have pursued a higher risk-return strategy within the asset class.
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The catastrophe bond will take the firm’s cover to $250mn.
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The final amount has upsized from the previous $100mn target.
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The firm said $3bn was still a substantial loss given that the weekend events were driven by pure tornado claims.
