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Reinsurers and brokers alike have warned of a rocky 1 January renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty. -
The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.
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A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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The estimate anticipates a full retention loss of $12.5mn from Hurricane Ian.
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The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.
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The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
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The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
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The reinsurer is working to find the right inflation indicators for individual client portfolios.
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More than half of insured losses came from Nova Scotia.
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The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.
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The estimate is driven by $540mn of losses attributable to Hurricane Ian.
