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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully. -
Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
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By region, convective storms in the US alone accounted for 60% of global insured losses.
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Most of the losses, around 80%, were the result of two wind and hail events.
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The broker said that $100bn+ loss years have become the “new normal”.
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The fund had taken major losses on cat-related investments, including through Southeast primary carriers Weston and Southern Fidelity.
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During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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A number of players suggested that the cost components of first-party claims were up between 30%-50% on that seen during Ransomware Wave One.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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Lidia has now largely dissipated after making landfall in Mexico.
