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Severe and winter weather losses in the US hit $21.4bn during January-April, equity research analysts estimate. -
Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry.
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The insurer’s overall top line rose 16% as cat claims reached $70mn.
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The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.
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The carrier recorded average rate rises of 9% for P&C accounts renewing at 1 April.
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A high proportion of the more than $3.5bn economic losses caused by April severe weather will be insured, the broker said.
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Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
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The firm’s climate change models will allow users to model their portfolios under the four different emission pathways adopted by the Intergovernmental Panel on Climate Change.
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This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.
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Parent AIG’s cat losses remained elevated in line with the prior-year Covid-19-impacted quarter.
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Most damage to private and commercial property was covered, but agriculture losses were uninsured.
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SVP Jeremy Waite will head the operation, while continuing to lead the firm’s property treaty broking team for Australia and New Zealand.
