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Credit insurers may need to adapt their business mix, client base and types of deals underwritten to stay relevant. -
Achieving profitability is increasingly challenging in the volatile but historically lucrative market.
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Risk managers are increasingly concerned about insurability.
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Some reinsurers are considering frequency protection products.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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A canvassing of the market showed some bifurcation on the necessity of a government backstop.
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There has been some strategic withdrawal of capital for younger syndicates.
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A more residential-skewed loss would impact Lloyd’s carriers in treaty where market share is lower.
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Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.
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Setting aside the storm’s greater potential insured loss scale, the flood risk implies greater exposure.
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Increased interest follows ratings agency upgrades of Lloyd’s paper.
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Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge.
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