Property

The storms at the end of May generated 355,000 claims, while those between 18 June and 4 July saw 624,000 claims.

The current estimated insurance loss for the flooding is A$142mn.

Inflationary pressure, increased demand and negotiations over attachment points are among the factors that reinsurers believe are ramping up pressure in the catastrophe space.

The impacts of the July floods are coming on top of significant flood losses in other parts of the country in March and April.

The agreement, which will provide up to $10mn cover per policy, expands the relationship between K2 and Homesite.

Insurers have received more than 10,500 claims so far in relation to the storms and flooding in New South Wales since 1 July.

Kiln and UPC partnered to form the insurer in 2018, but it was merged into American Coastal earlier this year

Carriers have received more than 8,000 flood claims since 1 July.

Peter Kiernan replaces Simon Penney, who is moving to an analytics role.

In the last 24 hours, more than 35,000 people have been evacuated or asked to prepare to do so.

Sources say investor capacity may be returning to the market, but hurricane season could “make or break” the market.

Rate increases are now universal in the property cat markets, the Gallagher Re executive said.