(Re)insurers
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However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re. -
The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.
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The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
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Mark to market investment losses and decreased capital allocation in high volatility lines are contributing to an ongoing hard market for reinsurance.
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More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.
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The broker said that capital levels should stabilise at previous levels, given a normal second half.
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Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
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The carrier was originally in the market for extra capacity at January 1 before pulling plans.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
Most Recent
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Allstate reports $551mn cat loss for August
21 September 2023 -
Brown & Brown acquires Occam from HSCM
20 September 2023 -
Lloyd’s to extend cat exposure monitoring to non-peak perils
20 September 2023