Property treaty

Underwriters in both London and Singapore are in discussions with the company.

Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.

The McKinney and Oak fires are 0% and 67% contained, respectively.

Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.

The carrier’s management emphasised further underwriting actions.

Joe Petrelli said Demotech would continue to follow its independent methodology, despite outside pressure.

A further 3,271 structures, including both homes and businesses, are under threat from the wildfire.

The first six months of the year also saw more billion-dollar loss events than average.

Market orthodoxy suggests cross-class reinsurers secure more leverage – but are there too many implicit offsets in this game?

Inflationary pressure, increased demand and negotiations over attachment points are among the factors that reinsurers believe are ramping up pressure in the catastrophe space.

Carriers have received more than 8,000 flood claims since 1 July.

Mitsui, Tokio and Sompo are to split the loss, which will be absorbed by retentions and property XoL treaties.