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The accumulation of cat losses have taken a toll on carrier’s aggregate reinsurance covers, which could set up 1 January renewals for such treaties to be as difficult as last year.
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The first pieces of solid risk loss information are coming to light following the storm, for which loss emergence has been slow.
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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
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The cyclone made landfall on 11 April, with strong winds affecting 800km of coastline.
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Modelling firms say their data shows events like Hurricane Ida should be anything but a surprise.
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From now on, per-event retentions for second and third events will lower to $55mn for hurricane and earthquake perils.
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The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.
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The carrier also estimated its European flooding burden will be $520mn.
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This is followed by the severe convective storms in Europe in June which to date have generated losses of $5.1bn, and the Fukushima earthquake in Japan currently at $2.5bn of losses.
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The firm is also planning a windstorm version for Florida hurricanes.
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The loss aggregator said the change indicated initial over-reserving in the wake of the flooding.
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The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.