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There were nearly twice as many new issuances than in 2019, but margins have remained elevated in the post-pandemic rebound.
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Defence costs are expected to remain elevated, as weather losses have also weighed on results.
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A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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Losses were relatively evenly divided between the two events.
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The 12 Days of ILS Christmas
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The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development.
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Shares in the Australian carrier slumped 12% following the disclosure.
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Claims arose from events including Hurricane Delta, Hurricane Zeta and Tropical Storm Eta.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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The bond’s size remains at $150mn.