Wildfire

Anyone scanning the news stories we have covered in the past week might get a sense of déjà vu.

The legislation has been designed to help protect the state against the costs of natural disasters.

The insurer also dropped attachment points on its covers after cutting back its gross limits.

John Doucette, president and CEO of reinsurance at parent company Everest Re, said the company had shrunk its January catastrophe portfolio.

The insurer’s net Q4 2018 catastrophe losses ticked up by $6mn above initial estimates to $43mn.

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The loss tally for catastrophe bonds impacted by the 2017 disaster events has now climbed to $1.1bn, according to January pricing sheets.

Reinsurers said they were expecting more pressure on rates in the upcoming April and mid-year renewals during the early part of the fourth-quarter reporting season.

A diverse loss year produced steeper wildfire and typhoon losses than initially estimated.

The move has pared back the carrier’s aggregate losses, benefiting Caelus cat bond investors.

The carrier said its P&C reinsurance major-loss expenditure for Q4 was EUR886mn, almost double that of the prior-year quarter.

The beleaguered Californian utility’s innovative $200mn wildfire liability catastrophe bond cost the company $26.8mn.