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The insurance industry has experienced mounting losses from severe convective storms. -
Some of the Big Four are slowing growth as the market softens.
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The carrier was seeking to expand its 1 March-renewing programme.
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The reinsurer anticipates downward rate pressure to continue over 2025.
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Reinsurers’ hopes that LA wildfires will slow 1.4 softening are in question.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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Both carriers have extensive reinsurance coverage.
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Aviation reserve strengthening added 10.1 points to the combined ratio.
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This year’s coverage will involve $2.94bn of new risk transfer.
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These events can also no longer be considered secondary perils, executives said.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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Almost 300,000 people have been left without power from the storm.
