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The Texas state-backed carrier secured $2.1bn in cover for the 2020-21 hurricane season for $107.5mn above the $93.1mn budget. -
Insurers need to “be ahead of the game” on rate increases, company officials told Trading Risk.
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Losses from severe convective storms in the US were the highest since the first half of 2011.
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Upcoming deadline on Irma claims could bring an influx of new cases, the company said.
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The bill from the February storm, which hit Germany the hardest, was previously estimated at EUR1.55bn.
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The Association of Insurance Companies in Lebanon estimates economic losses of up to $10bn, with about 30% insured.
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Loss estimates outstrip early expectations.
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Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.
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The broker highlights industrial and commercial buildings as the likely source of international property market exposure.
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Cedants faced a hard market in the mid-year renewals.
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The company increased non-cat reserves by $26mn in the second quarter.
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Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
