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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims. -
2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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The sixth edition of the sidecar reflected alignment of interest with long-term partners, the reinsurer said.
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Cat bonds and sidecars are well positioned for growth, while private ILS will benefit from further innovations to improve liquidity.
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In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
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More than three-quarters of the losses came from the firm’s UK&I line of business.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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The independent manager’s post-Ian growth has helped it more than double from prior estimated assets under management.
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The Swiss Re Total Return Index climbed month-over-month throughout the year, to more than regain ground lost after Hurricane Ian in September 2022.
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The scale of the claim is expected to be just within the expected total weather losses for insurers.
