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Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus. -
Swiss Re said a loss-heavy 2022 adds to a continuation of elevated cat losses that started in 2017, after a benign period from 2012 to 2016.
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The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.
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In late August, UPC signaled that it will pull out of personal lines in Florida, Texas, Louisiana and New York.
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The flooding affected the states of New South Wales, Victoria and Tasmania.
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The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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The modelling firm noted a shift towards stronger hurricanes making landfall.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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The forecast included three intense hurricanes, six hurricanes and 13 tropical storms.
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Fidelis chairman Richard Brindle said a shift towards named cat perils and away from complex structures is underway, but that carriers need more unity between inwards and outwards teams to navigate the harder market.
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The modeler warned that climate change was increasing the chances of $20bn, $30bn and $40bn loss events.
