Wildfire
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Overall cat bond losses are in line with modelled expectations but more claims have come from non-core perils than expected, Lane Financial analysts suggested.
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Kevin O’Donnell, CEO of the Bermuda-based company, said he expected reinsurance rates to rise in later 2019 renewals. -
The total has risen 25 percent, or more than $2.3bn, since last month.
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The utility estimates that its liabilities to insurers for wildfires could exceed $30bn.
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The utility still faces investigation for this year’s Camp Fire.
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USAA’s losses put it on track to recoup another $82mn from its cat bonds, following a projected $182mn recovery in 2017.
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The fund incurred most of its losses in the fourth quarter.
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In the US, renewal results varied widely and wildfire losses were a subject of focus.
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The final couple of months of 2018 brought further pain for sidecar investors.
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RenaissanceRe’s funds platform has taken significant losses.
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It could take years to determine whether or not PG&E is responsible for the 2018 wildfires.
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The crucial thing for the industry now is that the nuances of the lessons from 2017-2018 are heard.
