Property
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The CaseGlide figures show a 35% drop to 4,313 new litigated claims, the second sharpest month-on-month decline in the past five years. -
The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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Insured cat losses for August were almost 3.8x higher than the 10-year average, according to Jefferies analyst Philip Kett.
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In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.
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Scor Global P&C CEO Jean Paul Conoscente said on a briefing that rate hikes were barely keeping up with inflation.
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European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.
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The 13th named storm of the season made landfall in the Florida Panhandle on Wednesday.
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Natural catastrophe losses were up year-on-year, but without fresh Covid losses the London market returned to profit.
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ICEYE said that nearly 4,000 buildings in Northern and Central New Jersey were impacted by devastating flooding after Ida made landfall and traveled to the Northeast.
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The new entity is backed by Gallatin Point Capital, Vantage Group and RenaissanceRe.
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The ratings agency said that reinsurers were likely to shave several points off combined ratios in 2021 and 2022.
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The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.
