MGA Sola has launched a parametric insurance product for US homeowners covering severe convective storm losses from wind and hail, underwritten by Tokio Marine Kiln (TMK).

Property Claim Services (PCS) has issued an updated estimate of $14.7bn for insured losses from Hurricane Milton, almost three times its initial estimate of $5bn, The Insurer understands.

Trium 1322, the Lloyd’s start-up backed by Jim Stanard and Rod Fox, expects to write $179.5mn GWP in 2025, more than double what it is now projecting for 2024.

November 24 (Reuters) by Muvija M – Storm Bert battered Britain with snow, rain and strong winds on Saturday, killing one person and closing several railway lines, bridges and roads.

Recoop Disaster Insurance has inked a new distribution deal with insurtech platform Bindable through which the multi-peril disaster-focused homeowners and renters-focused MGA can sell its coverage.

Property insurance rates in Europe are stabilising, but climate risks still pose challenges for corporates and insurers, according to discussions at the Ferma Forum 2024.

An atmospheric river that caused widespread flooding along the southern British Columbia coastline in Canada between 18 and 20 October has generated insured damages of over C$110mn ($78mn), according to Catastrophe Indices Qualification and Quantification (CatIQ).

The Texas Windstorm Insurance Association (TWIA) has projected total reinsurance limit purchased in 2025 could be as high as $5.8bn including rolled over cat bond capacity, up 43 percent year on year based on a higher exposure base and the impact of Hurricane Beryl.

Generali has maintained its sub-96 percent undiscounted combined ratio target for 2024 despite exceeding its annual catastrophe budget during the first nine months of the year, prompting the group to consider raising its cat budget in its next strategic plan.

An analysis from Neptune Flood has shown that the National Flood Insurance Program’s losses this year could top $10bn.

The United Nations Children’s Fund (Unicef) has described the flexibility of parametric insurance payouts as “a game-changer in emergency response” as it plans to scale up the risk transfer scheme designed by WTW that it piloted in 2023.

Events like the recent Valencia floods are expected to become more frequent in Europe due to the warming of the Mediterranean, according to Anke Sielker, head of the reinsurance practice and head of insurance for EMEA at ICEYE.

The Federal Emergency Management Agency (Fema) has said that more than 72,000 National Flood Insurance Program (NFIP) policyholders have filed claims in Florida from hurricanes Debby, Helene and Milton.

Hannover Re is to increase its large loss budget to €2.1bn for 2025 on the back of plans to grow its P&C reinsurance portfolio while also reducing the retro protection it receives through its K-Cession sidecar.

The active natural catastrophe environment and the loss impact of Hurricanes Helene and Milton is likely to stop the reduction of rates forecast for the upcoming 1 January renewals, according to Hiscox group CFO Paul Cooper.