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According to the National Hurricane Center, Lee made landfall at Long Island, Nova Scotia, on Saturday. -
ILS capacity in the form of retained earnings and new inflows is shaping up to meet growing demand for reinsurance and retro coverage.
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With winds speeds around 80mph, Lee is now a Category 1 hurricane but is still expected to be ‘a large and dangerous storm' by the time it reaches New England and Canada.
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His role change — following that of LCM leader Darren Redhead in 2021 — raises questions over the firm’s future ILS strategy.
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Slow weakening is forecast during the next few days, but Lee is likely to remain a large and dangerous hurricane into the weekend, the update noted.
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Data from the broker indicated that around 70% of global losses were driven by SCS, with events in the US causing $35bn of insured losses over H1.
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However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
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The insurance industry should be prepared to experience more than $100bn of insured losses from natural catastrophes every year, Verisk warned.
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The insurance company had set out plans last summer to expand its market share in Florida.
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Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.
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Tropical Storm Lee is set to strengthen to an “extremely dangerous” Category 4 hurricane by the end of the week, although there are no coastal watches or warnings in place as yet.
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Buyers expect rates to climb by 2.5% to 15%, continuing year-on-year hikes since 2017.
