Claims and losses

Austria and the Czech Republic are likely to record their most costly convective storms on record.

Elsa was churning northwest at about 28 mph, making it a relatively fast-moving storm.

It said the current threat posed by Tropical Storm Elsa was an example of storms being more likely to hit America’s Eastern Seaboard this season.

The RMS V21 model update for North Atlantic hurricane incorporated data from recent major loss years but overall annual average losses have only risen up to 10% across the US.

Despite the quake, 2021 has been a benign year for cats so far, the data compiler said.

The carrier initially said it would seek just $100mn for the global multi-peril deal.

The broker said a buoyant ILS market contributed to the reinsurance market nearing a new equilibrium at the end of mid-year renewals.

The storm will begin to weaken later today, before being downgraded from a hurricane to a tropical storm sometime on Tuesday.

The insurer has lifted its ceded premium ratio and noted tougher terms on low-lying all-perils coverage.

In the later stages of its liquidation, the manager’s listed fund has made an 8% uplift in May on fire releases.

The flooding that took place in mid-March across Australia’s east coast states was labelled the worst in 60 years.

The reinsurer’s analysis of 20 research groups’ predictions points to a busier season than usual.