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Third-quarter catastrophe losses resulted in a 1.8 percent to 5.2 percent hit to the shareholder equity of global reinsurers, with major catastrophe writers all impacted.
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Reinsurance market sources expected Hurricane Michael to cause insured industry losses of $10bn, but the limited number of public loss estimates released to date suggest Florida insurers are hoping it will remain below this level.
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Tokio Millennium Re’s agreed sale to RenaissanceRe will open up an opportunity for competitors to enter the fronting market.
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Two M&A deals in the ILS sector in the past month provide a contrasting view on what kind of acquirers may step forward in the future.
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The Bay and Gulf counties in Florida are likely to the bear the brunt of Hurricane Michael losses.
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A narrower view of exposures to Hurricane Michael suggests the two Florida insurers will bear the brunt of claims.
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Insured losses from Hurricane Michael have been estimated to fall within a wide $3bn to $10bn range. -
US property excess and surplus lines will benefit from rate increases in 2018 after the segment took the brunt of losses in 2017.
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The US flood market has traditionally been the domain of the publicly backed National Flood Insurance Program (NFIP).
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Distribution and transaction efficiencies have been targets for InsurTech gains but the time for underwriting improvements will come.
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Conservative initial loss picks may have helped limit adverse development from the 2017 hurricanes, according to JLT Re.
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A growing focus on climate change, as well as the increasing breadth of the ILS market, means that investors are considering the argument for ILS as an ESG investment, as well as a diversifier.
