Claims and losses

The broker said that $100bn+ loss years have become the “new normal”.

The fund had taken major losses on cat-related investments, including through Southeast primary carriers Weston and Southern Fidelity.

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.

These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.

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.

In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.

The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.

Lidia has now largely dissipated after making landfall in Mexico.

The storm made landfall on Tuesday night in the Mexican state of Jalisco.

Additional strengthening is possible before Lidia makes landfall on Mexico’s West-Central Coast, according to the most recent update from the National Hurricane Center.

The fund is on course for its strongest year of returns since inception in 2014.

Experts at the Trading Risk New York conference emphasised in-built cyber risk protections from defences to exclusions, as ILS managers grapple with understanding the peril.