Risk losses

Colorado State University is predicting 17 named storms, nine hurricanes and four major hurricanes.

The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.

The transaction complements its previous acquisition of RMS in 2021.

Urban expansion, climate change and inflation are key drivers of losses.

The US tallies $97bn in economic losses from major perils each year.

In 2021, SiriusPoint acquired a “significant ownership stake” in the firm, which meant the specialty insurer and reinsurer providing multi-year capacity and paper to the ILS house.

The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.

Reinsurers and brokers alike have warned of a rocky 1 January renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.

Paul Shedden joins from Sompo International, where he was head of portfolio design, pricing and analytics – global insurance.

Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.

The reinsurer revealed its Ukraine loss charge excludes aviation.

In his new role, the executive will work directly with Steve Tulenko, president of Moody’s Analytics.

Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.

The company aims to make its services more recognisable

The biggest increases in GWP came from the carrier’s P&C reinsurance and P&C insurance segments.

The carrier also cited increasing continental cyber losses as a factor in continued market hardening.

The accumulation of cat losses have taken a toll on carrier’s aggregate reinsurance covers, which could set up 1 January renewals for such treaties to be as difficult as last year.

The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.

Lloyd’s chief of markets Patrick Tiernan ruled out completely cutting out sources of energy relied on by certain communities.

The energy market is being watched closely due to its potential to produce large risk losses.

Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.

The further losses edge into the $20bn range, the more the loss will shift to the retro market, but high uncertainty remains.

Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.

Moody’s expects RMS, which had about $320mn in revenue around $55mn in operating income last year, to become accretive to earnings by 2025.