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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night. -
The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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The insurer also added $100mn to its northeast cat treaty as it posted $1.48bn of cat losses in the second quarter.
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The carrier said it anticipated central estimate developments of around $180mn, including $40mn of crop adverse development.
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The loss tally comes in 39% above the average for the 21st century.
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The state of Texas in particular has experienced an unusual amount of severe weather.
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The bulk of risks linked to a new investment grade cat bond it is working on relate to US private motor risks, with a fifth from commercial motor.
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The update is due to warm sea-surface temperatures in the tropical Atlantic and the exceptional development of two named storms in June.
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In its update, CSU now predicts 18 named storms, including the four that have already formed, nine hurricanes and four major hurricanes.
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The coverage is designed to reduce the island’s obligation to the US Federal Emergency Management Agency.
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The economic loss, including damage to public infrastructure, is expected to hit EUR9bn.
