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The California fires will test post-2018 treaty revisions – and reinsurers’ nerves. -
The industry loss number has increased threefold from an initial $5bn pick.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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The members’ agent said 2024 will still be a profitable year for Lloyd’s.
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High-net-worth binders and treaty exposures will bring significant claims to Lloyd’s writers.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
