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The ratings agency says reinsurance resilience is “starting to crack”.
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Around $5bn may be locked as a result of the pandemic, Aon Securities CEO Paul Schultz estimated. -
In Lane County, Oregon, more than 100 buildings have been lost in a forest fire that local officials warned is likely to have killed residents.
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Retro capital is being trapped, but cyber and other non-cat risks show promise.
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EMEA cat rates have failed to reprice while US and Japan markets have been more reactive, the firm noted.
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The retro space is expected to move towards named peril covers as rates approach post-Hurricane Katrina levels.
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The figure tops the 2018 high and comes ahead of the peak fire period.
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Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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One source predicted a loss tally as low as $200mn.
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The carrier will also take low triple-digit-million euro hit from Laura, Hanna and Isaias.
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Pandemic claims contributed to a 670% year-on-year increase in cat losses.
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Subrogation recoveries from 2017-18 Californian wildfire losses drive capital releases.
