-
FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian. -
Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
-
The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
-
Perils said the storm tracked through an area of low value concentrations.
-
The previous estimate, released in May 2021, pegged the losses at A$1.016bn.
-
Early reporters emphasised an ongoing demand for structural change.
-
The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
-
The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
-
The charge included the carrier’s $80mn retention and $35mn of reinstatement premiums.
-
The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.
-
Nearly two-thirds of the Florida claims are homeowners and business claims (272,465), and the remaining are personal automobile claims (151,892).
-
The firm said inflation and modelling changes had driven the need for bigger limits.
