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The ICA has escalated its ‘significant event’ declaration to ‘insurance catastrophe’. -
The broker has analysed the differences in wildfire risk between Northern and Southern California.
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The LA wildfires resulted in the largest insured loss of the year, at $40bn.
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November hailstorms and current storms and bushfires racked up claims.
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The event is the second billion-dollar SCS event to hit the country within a month.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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The storm outbreak follows similar events in the area in 2020 and 2023.
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The outlook flags “large uncertainties” amid possible El Niño through summer 2026.
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The firm’s external AuM has grown by 175% from 2019 to $3.3bn in 2025.
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Secondary market pricing implies the sponsor could recoup a total of $50mn on the 2022-1 A note.
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