Wildfire
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This publication retraces the series of loss predictions made by the manager for its listed Reinsurance Opportunities Fund over the past year.
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The retro market is likely to tighten at this year’s renewals as investors pause and reconsider their strategies following another year of substantial losses.
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Insurers are seeking to claim roughly $10bn through subrogation lawsuits against Pacific Gas and Electric in relation to the 2017 wildfire losses.
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Projected cat bond losses from the 2017 disasters have increased by just over 10 percent to $997mn.
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Trading Risk view: investor fatigue
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The firm’s 2017 portfolio loss has risen 15.7 percent to 57.1 percent.
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Trapped capital will add to losses from Michael, Jebi and the wildfires.
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The estimate puts the modelling firm’s combined November wildfire loss estimates at up to $13bn.
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Beazley expects its (re)insurance losses from the recent Californian wildfires to amount to $40mn, it announced today.
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The company may add to its existing catastrophe and US commercial reinsurance programmes.
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The insurer’s general insurance CEO said shortages of retro capacity will drive rate change.
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The insurer expects $1.8bn of losses from the Camp Fire and $475mn from the smaller Woolsey Fire.