Claims and losses

This came as sidecar and fund assets reached $2.9bn, up 29% year-on-year.

The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.

The ILS unit earned $5mn of fee income, down by $1mn year on year.

As New Zealand has been hit by two major cat events in succession, Australian carrier Suncorp said the retained cost of any second declared event in the country will be NZ$25mn ($15.7mn).

Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.

More than 140,000 homes are without power, while buildings and roads have been destroyed.

Almost 40,000 are feared dead following the disaster, and more than 1 million people have been left homeless.

The carrier has increased its full-year perils cost estimate to A$1.15bn.

The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.

Lancashire recorded a net loss from Hurricane Ian of $163.3mn during the year, at the lower end of its projected range.

New Zealand carrier Tower Limited said it is likely to purchase reinstatement cat reinsurance as it disclosed that losses from the Auckland and North Island flooding would trigger its A$934mn ($649mn) cat reinsurance coverage.

The two top-performing funds in 2022 were interval funds.