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Scor Global P&C CEO Jean Paul Conoscente said on a briefing that rate hikes were barely keeping up with inflation. -
Coupled with aggregate cover the company has in place, United said Thursday that exposure to cat events for the remainder of its current reinsurance program would be $9mn.
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The upward revision reflected significantly increased industry expectations, it said.
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European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.
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The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.
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The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.
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The broker CEO said this went against a “core premise” of the industry which was the absorption of such volatility.
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The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.
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The flooding in the northeast increases scope for commercial lines and auto losses.
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The catastrophe cover is more than twice the size of the 2020 deal.
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The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador.
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The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
