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Underwriting profits in future must be able to counteract reduced investment income due to ultra-low interest rates, the CFO said. -
Covid-19 and nat cat losses take a higher toll on the ILS firm’s MGA unit.
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Property reinsurance losses were up by 70% year on year, but property insurance business reported a steeper loss.
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Covid-19 losses accounted for 60% of the major claims, with the rest attributable to catastrophe events.
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The event will further erode the deductible in the group’s aggregate excess of loss reinsurance programme.
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The reinsurer finds secondary perils accounted for over 70% of natural catastrophe claims.
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Environmental, social and governance concerns are of growing importance to the ILS industry, but work remains to be done on building a consensus about concrete goals.
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The loss is steering more towards a personal lines event, with loss notifications leading to more optimism amongst reinsurers.
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Insured losses from severe weather in the central and southern US are expected to reach hundreds of millions of dollars, according to Aon’s Weekly Cat Report.
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The tally so far comes in far below the broker’s year-ago estimate of $80bn for a twelve-month lockdown.
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The news follows the reinsurer’s announcement that the executive would step down from his role at the end of April.
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The claim from the TASB Risk Management Fund is one of the first pieces of loss information to come to light following the Texas deep freeze.
