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The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date. -
The amount of limit purchased by the California Earthquake Authority has stepped down over the past couple of years.
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The loss aggregator raised the quantum from its third estimate of A$6,292mn, put out in early September.
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The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.
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The company also expects the overall decrease in loss expenses due to the recent Florida legislation to be on the lower end of 25%-40%.
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CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
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The reinsurer retained EUR321.9mn of Hurricane Ian losses on its own book.
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The rating downgrades reflect the deterioration in Scor’s operating performance.
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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
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The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.
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According to the ICNZ, 48,000 claims have been lodged, with NZ$111mn of insurance claims paid so far.
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The insurer reported an underwriting profit for Q4.
