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AM Best said it expects insured losses from the California wildfires to be “significant”. -
Innovation will become more important to sustain strong results absent pricing tailwinds.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.
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The broker cautioned unresolved Russia-Ukraine claims remain a ‘Black Swan’
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The MGA can now put down $200mn lines in the niche aviation war class.
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Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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The broker partnered with Ukrainian carrier ARX and Lloyd’s Lab InsurTech FortuneGuard.
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Six fires now cover more than 27,000 acres across Southern California.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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It is understood that supporters include Munich Re and Brit.
