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It has been a “good” bad renewal for cat reinsurers, with attachments likely to endure in the medium term.
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Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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It is understood that supporters include Munich Re and Brit.
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More than 4,000 acres are burning as thousands evacuate.
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In part two of our 2025 outlook, we explore the drivers of carrier M&A and recreating the ESG agenda.
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Certain new and old themes will re-emerge this year as the balance of power shifts.
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The largest non-US event in 2024 was the catastrophic flooding in Valencia.
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Supply generally exceeded demand and trading relationships were ‘strong’, CEO Tom Wakefield said.
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The storms struck Victoria, New South Wales and Queensland.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.