Property catastrophe

Fidelis anticipates $1bn+ D&F property in 2024 as Brindle’s “verticalisation” bet pays off

Fidelis MGU anticipates underwriting in excess of $1bn in direct and facultative business this year after growing Fidelis Insurance Group’s property book by 49 percent across 2023 to $908mn, equivalent to a quarter of its overall GWP.

Aon’s Peiser: Demand rising for parametric cover for non-traditional risks

Demand for parametric cover is set to increase over 2024 as continued disruption in the traditional property market and widening protection gaps drive demand for liquidity, according to Aon’s latest market insights report.

MMA: $75bn+ insured event would be needed to temper “cautious optimism” in property reinsurance

A Marsh McLennan Agency (MMA) report has noted that the US property market is displaying signs of increased stability for the first time in six years, with the broker also suggesting it would take a single insured event of more than $75bn in losses “to temper the cautious optimism in reinsurance”.

Japan cat pricing flat to -5% as FL shapes up for stable renewal despite ~$5bn extra demand

After several years of meaningful rate increases, the 1 April Japan and 1 June Florida renewals are both on course for relatively flat pricing outcomes for cat reinsurance buyers, with any incremental demand at the top end of towers expected to be met by sufficient supply.

Hamilton sponsors $200mn Easton Re cat bond

Hamilton Insurance Group has sponsored its second Easton Re catastrophe bond, which will provide risk transfer capacity of $200mn to protect against US named storm and North American earthquake risk.

UK insurers unveils McGill and Swiss Re-led fire safety reinsurance facility

The Association of British Insurers has announced that reinsurance support is now in place to launch a Fire Safety Reinsurance Facility, in a long-anticipated industry intervention designed to improve the availability of insurance for UK buildings with Grenfell-style cladding and other fire safety issues.

CA commissioner Lara: “Not having insurance is not an option”

California’s insurance commissioner Ricardo Lara has said a crossroads moment has come for regulators and the insurance industry to work together to figure out solutions that ensure human life and businesses are protected from the effects of climate change.

Greenberg: Chubb will “shrink at the right moments” in casualty, property “best-priced business” in world

Chubb will shed revenue in casualty when it cannot make a profit while property is the “best-priced business in the world right now”, chairman and CEO Evan Greenberg has outlined in his annual letter to shareholders.

Portugal’s insurers back proposed new state-backed quake reinsurer

The Portuguese Association of Insurers has doubled down on calls for a state-backed reinsurance pool for catastrophic earthquake events, urging policymakers to back proposals for cover to be mandated across the country.

ICA puts Valentine’s Day storms losses at A$104mn

The Insurance Council of Australia has estimated that the cost of claims from the severe thunderstorms that impacted Victoria on Valentine’s Day will exceed A$104mn in insured losses.

Aviva raises rest of world XoL retention by 50% for 2024

Aviva has raised its per event retention for global perils outside the UK, Ireland and Canada by 50 percent for 2024, with the London-listed carrier commenting on the “more orderly” movement in rates at 1 January.

Beazley’s Cox: US property is biggest long-term opportunity

Property offers the most significant long-term opportunity for Beazley to grow its US presence, with changes in exposure, inflation and climate risks set to make the class less commoditised, according to CEO Adrian Cox.

Expectations grow for an active hurricane season

Elevated sea surface temperatures and the potential emergence of favourable atmospheric conditions are prompting early concerns around the potential for an active Atlantic hurricane season in 2024.

Insured loss bill from Australia’s summer nat cats top A$1.2bn

Insured losses from declared insurance catastrophes over the summer – including Cyclone Jasper and the Christmas and New Year storms – have reached A$1.2bn ($620mn), according to new data released by the Insurance Council of Australia (ICA).

Portugal poised to launch public-private quake reinsurance scheme

Portugal is poised to launch a state-backed natural catastrophe reinsurance pool to provide cover for catastrophic earthquake events, with the public-private partnership following industry calls for new legislation to beef up protections, The Insurer can reveal.

Texas wildfire insured losses “could reach into hundreds of millions”

Insured losses from the wildfires that have been burning in Texas since 26 February could reach into the hundreds of millions of dollars, Aon’s Impact Forecasting unit has commented, while AM Best has provided figures on the insurers most exposed to losses by line.

Fidelis writes $904mn D&F GWP in 2023 as leans into distressed market

New York-listed Fidelis Insurance Holdings Limited doubled down on property D&F in 2023 as it took advantage of a strong pricing environment, the group’s latest investor presentation shows.

Munich Re increases US wind retro placement in favourable renewal environment

Munich Re increased its in-force protection for US wind exposure in a 2024 retro renewal that saw it take advantage of a more favourable marketplace.

Progressive forecasts “positive” June reinsurance results

Progressive predicts its mid-year catastrophe reinsurance renewal will yield “positive results”, with two of the company’s staff currently in London talking to partners on the program.

Markel says move to shift larger property exposure to Nephila starting to pay off

Markel is beginning to see the fruits of its move back in 2020 to consolidate business into Nephila, including from its shuttered property cat reinsurance arm, with the insurer’s CEO Tom Gayner highlighting the ILS platform’s contribution to 2023 pre-tax earnings.

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