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The biggest losses were from wind damage after the storm’s Texas landfall. -
Accounts with poor performance records are expected to see flat to 20% rate increases for cat coverage, according to Floridian broker Brown & Brown’s Q3 Market Trends report.
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Insurers' losses will likely be low and readily absorbed by their earnings.
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The flattish outcome comes after a larger year-on-year hike in January.
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The cost of the FY25 program is expected to be broadly in line with FY24 for the carrier.
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Grenada and St Vincent were spared the full brunt of the storm.
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The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.
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Mid-sized 2023-24 cat losses versus ready capacity held the market in equilibrium.
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Reinsurance sources say the pool targets the wrong aspects of Australian cat losses.
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Ex Ascot colleagues Gavin Wall, Chris McGill, Matthew Eve and Parth Patel are reuniting at the new unit.
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SCS caused global insured losses worth at least $8bn in the first quarter of 2024.
