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Sweeney was most recently VP at Vantage Risk, as part of a team responsible for the US financial lines business. -
It will take more carriers to rein in income expectations to halt the soft market spiral.
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With the storm’s losses looking more favourable, questions over rates and gross/net strategies will arise.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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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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The cost to the NFIP is likely to be a “mid to high single-digit-billion impact”.
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The hurricane has destroyed hundreds of homes and left more than 2.7 million homes without power in Florida.
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Setting aside the storm’s greater potential insured loss scale, the flood risk implies greater exposure.
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Milton’s center is projected to make landfall near or just south of Tampa Bay.
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The magnitude of the hurricane may impact reinsurers’ capacity deployment.
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Contrary to expectations that US casualty would dominate the conversations, Milton took the spotlight.
