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The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range. -
The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
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The ICA has activated its preliminary extreme weather processes to assist in assessing the impact of the flood event.
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CFO Christoph Jurecka said losses for 2023 were in line with its expectations, but he added that the events producing the losses differed from those of years previous.
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France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
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Most of the industry loss occurred in the UK and was due to flood losses, with limited wind-related losses.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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According to the reinsurer at least EUR275mn will be covered directly by CCR under public reinsurance.
