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The hurricane could prove a key test of the London market’s efforts to reduce catastrophe exposure, but will local carriers be able to lean into the hardening market? -
Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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Many policyholders are likely to receive larger payouts following the judgement, but a worst-case scenario has been averted.
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Cedants may find past behaviour coming back to haunt them, while brokers should be preparing in depth to achieve simplicity.
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Reinsurers are demanding price increases and higher retentions as brokers warn cedants to be ‘realistic’.
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Plus the latest executive moves and all the top stories of the week.
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In a canvass of London market professionals, most placed their “gut feel” industry loss estimate for Hurricane Ian at $40bn-$50bn.
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With significantly lower retentions, AIG, Assurant and Allstate are more likely to pass the cost of the hurricane onward to their reinsurers.
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The latest statistics from the IUA show that the Lloyd’s market perhaps has not conceded as much ground as initially thought.
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Sister title Trading Risk ran some scenarios applying market share figures and loss ranges to paint a picture of how the quantum of trapped capital could evolve.
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In 2022, the NFIP placed reinsurance with 28 private companies - including 13 Lloyd’s syndicates.
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As it became clearer that the Fort Myers area was facing 150 mph winds, sources started to talk about loss estimates with a $30bn floor.
