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This takes pre-tax year-to-date cat losses to $2.62bn. -
Alberto is the first named storm of this year’s hurricane season.
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Loss estimates are coming in for the weather event in Bavaria and Baden-Württemberg.
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A degree of pricing volatility was evident in the market this week.
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Torrential rain caused flash floods in the Gulf States in the middle of April.
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The firm is the sole provider to offer index services in the US.
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The losses added 12.3 points to the firm's 100.4% CoR.
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The loss follows the pattern of 2002 and 2013 European flooding.
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Reinsurers “weren’t getting paid” before 2023’s hardening, the Lloyd’s executive argued.
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Reinsurers scaled back their coverage to non-peak events in 2023.
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The research body initially warned of an active storm season in April.
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Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
