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Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute. -
The sector saw a variety of deal sizes, with transaction values ranging in H1 from $10mn to $3.1bn.
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The McKinney and Oak fires are 0% and 67% contained, respectively.
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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.
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The carrier’s management emphasised further underwriting actions.
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Joe Petrelli said Demotech would continue to follow its independent methodology, despite outside pressure.
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A further 3,271 structures, including both homes and businesses, are under threat from the wildfire.
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The first six months of the year also saw more billion-dollar loss events than average.
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Market orthodoxy suggests cross-class reinsurers secure more leverage – but are there too many implicit offsets in this game?
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The underwriter will focus on underwriting and marketing strategy in the region.
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Inflationary pressure, increased demand and negotiations over attachment points are among the factors that reinsurers believe are ramping up pressure in the catastrophe space.
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