-
The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded. -
The broker said economic uncertainty, climate risk and inflation were challenges for the industry.
-
Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
-
For insurers, the Golden State is one of the last places they want to face disputes or lawsuits with consumers.
-
The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
-
Mark to market investment losses and decreased capital allocation in high volatility lines are contributing to an ongoing hard market for reinsurance.
-
The broking firm’s (re)insurance market update said growth in alternative capital is a now a permanent feature of the market.
-
More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.
-
The broker said that capital levels should stabilise at previous levels, given a normal second half.
-
The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.
-
Large carriers with geographic spread across the continental US will have the capital and reinsurance coverage to absorb losses related to the wildfires, according to AM Best.
-
The agency put insured property values in the burn footprint at $2.5bn to $4bn, which marks an uptick compared to Moody’s estimate from last week, when the agency pegged insured losses at around $1bn.
