-
Last year’s season was “unprecedented” in terms of frequency, but not in terms of severity.
-
The Convex CEO reiterates his prediction of a potential $200bn casualty-reserving deficit and anticipates a similar amount of Covid claims.
-
The utility did not disclose which insurers would receive payments.
-
The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.
-
A “pooling fund for disasters” would leverage insurance and reinsurance markets as a backstop.
-
The sector has received a post-Covid boost heading into January, with strong interest in liquid cat bonds, but challenges around structures, pandemic exposures and lifting ESG commitments will remain.
-
The total would give the Bermudian a higher yearly cat loss total than it recorded in 2017.
-
US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
-
Storms tore through four states in January last year with hailstones up to 6cm in size.
-
Evacuation orders were issued for 120 homes near San Mateo and Santa Cruz counties.
-
Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
-
The uplift in insured losses would be much lower due to underinsurance for storm surge and flooding damage.