Milton could bring back the fear…It was less than two weeks ago as Hurricane Helene was making its path towards a US landfall that industry executives on a panel discussion hosted by cat MGA AmRisc were asked what kind of loss event could alter the trajectory of the E&S property market.
Modeling for impactDan Hartung, head of US peril expertise, and Adam Dawson, US SCS client delivery leader, discuss the launch of Aon’s advanced cat model for US SCS risk.
NHC warns Milton will be among the most destructive storms on record for west-central FloridaHurricane Milton has the potential to be one of the most destructive hurricanes on record for west-central Florida, the National Hurricane Center has warned ahead of the storm’s expected landfall tomorrow.
Ningen: Tech, underlying performance and risk sharing key issues for regionals/mutualsUS mutual and regional insurers continue to navigate a host of challenges including the need to modernize their operations with costly data and technology, while many are also attempting to manage mounting natural catastrophe losses that have eaten into their surpluses.
Milton strengthens to Cat 5 as NHC issues “highest ever” surge warning for Tampa BayHurricane Milton rapidly intensified this morning to become a Category 5 storm amid ongoing concerns about its potential impact on Florida’s west coast later this week.
Canadian cedants facing hefty rate rises in wake of record cat yearReinsurers are expected to push for substantial rate increases and higher retentions on Canadian business at the 1 January 2025 property renewals as the country reels from what is already its worst ever year for insured catastrophe losses.
Hannover Re’s Freiboth: Property valuations and casualty loss trends in focus for renewalsHannover Re’s managing director for North America Axel Freiboth has said there must still be a focus on scrutinizing property valuations in underlying portfolios as well as casualty loss trends as he touched on expectations for the upcoming 1 January renewal.
Charting a profitable course through US property catQBE Re is in growth mode in US property cat, with a nuanced approach that’s designed to ensure the portfolio remains profitable and resilient through all market cycles, Andy Richardson explains.
Data transparency: a property market of the futureLiberty Mutual Re’s Richard Mairano believes data and transparency hold the key to a more sustainable property reinsurance market.
S&P: Helene an earnings event for some rated insurers but will not reduce capitalHurricane Helene will be an earnings rather than a capital event for the primary US insurers S&P rates, with the rating agency stating that reinsurers should be able to absorb losses within their earnings too.
CoreLogic estimates Helene’s total insured loss at $10.5bn-$17.5bnProperty analytics firm CoreLogic has updated its total insured loss estimate for Hurricane Helene to $10.5bn to $17.5bn, comprising wind losses of $4.5bn to $6.5bn and insured flood losses of $6bn to $11bn covered by the National Flood Insurance Program and private insurance.
Tampa on alert as Milton brings major hurricane threat to Florida’s west coastMilton is set to become the fifth hurricane to make landfall in the US during 2024 later this week, posing a major threat to the west coast of the Florida peninsula.
Reinsurers counter relevance calls to hold fast on cat retentionsWith Hurricane Helene expected to continue the recent run of US cat events that have largely been retained by insurers, the largest global reinsurers have given no sign that they will resume writing the lowest-attaching layers on XoL treaties.
Bridging the gap…While not exactly a drawing of battle lines, most reinsurers are making their position clear on maintaining retentions and first-layer attachment points ahead of what is expected to be a relatively stable property catastrophe renewal season.
Scor’s Conoscente: Insurance industry must address under-pricing in property and casualtyAmid calls from brokers for reinsurers to provide lower-attaching property cat coverage and resistance to attempts to further cut ceding commissions on US casualty quota shares, Scor’s Jean-Paul Conoscente has said the industry must first address under-pricing at the primary level.
Secondary perils can take on primary importance from a reinsurance perspectiveGuy Carpenter’s William Stikeleather and Kristie Kaminski on the increasing industry impact from secondary peril events.
The pursuit of the right priceClaims activity in the insurance market is increasingly driven by elevated frequency of medium-sized events and secondary perils, rather than by single large-scale events, says Wade Gulbransen, CEO of Howden Re North America.
AccuWeather raises Helene total damage and economic loss estimate to $225bn-$250bnAccuWeather has increased its estimate for total damage and economic losses caused by Hurricane Helene in the US to a range of $225bn to $250bn, up significantly from its second forecast of between $145bn and $160bn.
Moody’s RMS stochastic events output for Helene after landfall points to $11.1bn mean wind lossMoody’s RMS on Friday sent to clients a preliminary post-landfall stochastic events STEP tool output for Hurricane Helene that includes an $11.1bn mean loss from wind-only damage, The Insurer understands.
AccuWeather increases economic loss estimate for Helene to $145bn-$160bnEstimates of the economic cost of damage from Hurricane Helene are continuing to escalate as the damage picture becomes clearer from the flooding disaster in North Carolina.