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The ILS analysts noted a trend for cat bonds to be impacted by a higher number of small loss events. -
The report also found that reinsurance capital increased by 7% to $658bn.
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Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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States most impacted include Alabama, Mississippi, Texas, Georgia, and Tennessee.
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The industry association reports 37,858 claims lodged so far.
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Researchers at Colorado State University (CSU) are expecting an above-average hurricane season for 2021, including up to 17 named storms.
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The reinsurer joins Everest Re in seeking industry loss-based ILS cover ahead of mid-year renewals.
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Both private and cat bond funds were down for the month.
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The insurer’s surplus fell from $61mn to $22mn during 2020.
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The data company describes the first quarter as benign.
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