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The paradox of “the best reinsurance market in years” is that there are still question marks over who wants a piece of it. -
Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.
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The French reinsurer said continued price increases, particularly on cat and US casualty, remain necessary.
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Some 15 months on from the property reinsurance exit, he said the firm continued to reserve the right to reshape the portfolio.
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Despite a successful upstreaming of cat risk to primary insurers, reinsurers still have multiple factors to worry about in the run-up to 1 January 2024.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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In May, S&P Global Ratings estimated that its proposed new criteria for its insurer ratings methodology will lead to rating actions on up to 10% of rated carriers, but Litmus Analysis has stated that it expects that this estimate is not intended to represent the upper limit of possible rating changes.
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Karen Clark & Company said the majority of insured losses will incur from US wind and storm surge damage, apart from just under $5mn which was attributed to winds across the Caribbean.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
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Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss, although one potential wild card is the damage it will cause to Georgia and South Carolina.
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The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
