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The streak of tornadoes in the US this May means 2019 is set to have highest level of activity since 2011 but the impact on (re)insurers will be offset by lower than average hail events.
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The reinsurer’s non-life combined ratio deteriorated to 97.7 percent despite an improvement in P&C results.
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The insurer was hit by $5mn of cat losses in Q1 2019, adding 2.4 points to the combined ratio.
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Sources suggested that average payouts would be well above face values of properties. -
The loss contributed to a $1.6bn quarterly cat loss at new parent AIG.
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The Florida-based carrier said prior-year loss events including Hurricane Irma produced negligible development in the period.
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The insurer took a further $450mn cat losses net, led by $161mn from Hurricane Florence.
