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Reinsurers “weren’t getting paid” before 2023’s hardening, the Lloyd’s executive argued. -
Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
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The Florida portion of the program provides $1bn in protection.
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The Howden-owned MGA lost ~$250mn in cat capacity in September.
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Additional capacity for upper-layer coverage is driving rate reductions, the broker said.
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Forecasters have warned that a number of meteorological factors could make this year the most active on record.
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The outlook calls for an 85% chance of an above-normal season.
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Approximately 1.2 million units are vacant throughout the state.
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Insurers in the emirate typically buy low-attaching reinsurance.
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The recent Italian hail and Bernd losses show some companies are relying on outdated models.
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Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
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The new CEO needs to fix the underwriting, but should also ask the bigger questions.
