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The reinsurer attributed $600mn to Hurricane Ian, based on an estimate that the total insured industry losses would come to approximately $55bn. -
Many homeowners are likely to see a significant portion of uninsured water damage despite roughly 30%-45% having NFIP coverage in certain areas.
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The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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The carrier expects its underwriting track record to help it secure favourable reinsurance terms in a tough market.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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UPC’s closing price hit the bottom of $0.99 per share on Sept 6 and has remained below the $1.00-threshold ever since.
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Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.
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Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.
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The outcomes were better than the Swiss Re global cat bond index decline after the major hurricane.
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Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.
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The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
