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First-event cover and the level of per-event deductibles in aggregate typhoon deals are being re-examined. -
The fund helps compensate victims for losses from fires started by the utilities’ equipment.
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Scor posted a fourth-quarter operating loss of EUR29mn ($31.7mn) for its P&C unit, which was almost two thirds down on the prior-year quarter’s loss.
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The Cambridge Centre for Risk Studies released an index analysing extreme weather risk.
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The carrier said it has already secured two-thirds of the private reinsurance limit it will place this year.
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Projected Ciara/Dennis losses for major local insurers are expected to be below reinsurance retentions.
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The GDV says natural events caused EUR3.2bn of insured losses in Germany in 2019.
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The deal will take total cat bond cover available to the National Flood Insurance Program over the $1bn mark.
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Ciara and Dennis could be the most significant European windstorm losses since 2018.
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The insurer lifted the attachment on an aggregate portion of its group reinsurance treaty, which was otherwise unchanged after its restructure for 2019.
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The firm will consider writing more retro after raising $300mn new equity.
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The storm struck parts of Ireland and the UK on 9 February, before moving to mainland Europe.
