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Many homeowners are likely to see a significant portion of uninsured water damage despite roughly 30%-45% having NFIP coverage in certain areas. -
The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.
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Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.
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Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.
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The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
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The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.
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The states of Victoria, New South Wales and Northern Tasmania have all been struck by floods.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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The state-backed insurer's claims tally was just over 47,000 this morning.
