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As Floridian insurers gear up for their mid-year reinsurance renewals, multiple issues are set to make it another challenging year for both sides. -
Texas winter storm losses to spill over FedNat reinsurance retention.
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The broker says the ILS alliance will "meaningfully increase" its capacity in three segments.
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The modelling firm said its study aimed to help insurers “plan for the worst and hope for the best”.
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The company will split out its Florida reinsurance tower and will cede Uri losses to reinsurers after facing six cat events in the past year.
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Markdowns have wiped more than $220mn off the value of $1.6bn of aggregate cat bonds benefitting major US insurers after the Texas Big Freeze.
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The insurer is turning to the ILS market after a busy year for Florida deals in 2020.
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The modelling agency said it is still monitoring how factors such as demand surge and mould damage may impact claims.
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As some in the market believe the winter claims will remain notably below $20bn, there are multiple factors creating challenges in assessing the event.
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RSA has reported £259mn ($361mn) in Covid-19 losses for 2020, as well as a reduction in premium for the year of £166mn due to the pandemic.
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The carrier increased US-exposed reinsurance limit by EUR250mn but almost halved its group aggregate.
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The carrier is “very optimistic” on Japanese and US renewals this year, and outlined plans for growth in various lines and regions.
