Claims and losses

Scor Global P&C CEO Jean Paul Conoscente said on a briefing that rate hikes were barely keeping up with inflation.

Retro rates were in some cases falling by mid-year, ahead of the recent losses.

Coupled with aggregate cover the company has in place, United said Thursday that exposure to cat events for the remainder of its current reinsurance program would be $9mn.

The upward revision reflected significantly increased industry expectations, it said.

European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.

The 13th named storm of the season made landfall in the Florida Panhandle on Wednesday.

The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.

Natural catastrophe losses were up year-on-year, but without fresh Covid losses the London market returned to profit.

ICEYE said that nearly 4,000 buildings in Northern and Central New Jersey were impacted by devastating flooding after Ida made landfall and traveled to the Northeast.

The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.

The broker CEO said this went against a “core premise” of the industry which was the absorption of such volatility.

Reinsurers retained more net income this year, driven by a desire to grow into the hardening market.