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If no action is taken to reduce emissions, costs could soar by 87% in average annual losses to residential properties, JBA Risk Management said. -
The market has recently been stung by several large anticipated claims, with cat season looming.
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The release followed an appeal judgment from the High Court of Australia.
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The first six months of the year also saw more billion-dollar loss events than average.
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The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.
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A case against Fireman’s Fund reversed an earlier decision that Covid-19 cannot cause physical damage.
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Carriers may face questions over slow recognition of Ukraine losses, may have secondary peril losses to detail, and need to show conviction on managing inflation risks.
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The insurer also found that fire and explosion remained the most costly source of claims, defying efforts to improve risk management.
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The market is concerned about potential claims from the Hellenic War Risks mutual, which has ships worth around $350mn stuck in the Black Sea.
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Fires in Portugal, Spain, France, Greece and Croatia have caused widespread crop damage.
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The carrier did also acknowledge that, while it believes losses should fall on war policies, “claimants have to exhaust other alternatives first”.
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The storms at the end of May generated 355,000 claims, while those between 18 June and 4 July saw 624,000 claims.
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