November 2017/3

Total disclosed losses from what are set to be the costliest wildfires in Californian history have reached $3.5bn.

PartnerRe posted a $396.8mn increase in non-life reinsurance recoverables during the third quarter, as it sustained $472mn of net losses from hurricanes Harvey, Irma and Maria.

Hannover Re executives said that the firm had exhausted a new multi-territory, multi-peril EUR100.0mn ($117.7mn) aggregate cover as its retro programme responded to third quarter losses.

The weighted average price per £1 of Lloyd's capacity more than halved in 2017, as the amount tendered by Names rocketed year-on-year.

The global reinsurers took significant hits from the third quarter hurricane activity, but earnings disclosures also revealed diverging ex-cat underwriting performances in the period.

The Insurance Insider's composite of global non-life reinsurance writers posted year-on-year top line increases for the third quarter, but a number of the group attributed large portions of the growth to reinstatement premiums.

London's three remaining publicly listed carriers all increased their top lines in the third quarter of 2017, although the trio diverged in their growth strategies.

Insurers fear another rise in the UK's insurance premium tax (IPT) rate in tomorrow's budget after three increases in less than two years doubled the rate to 12 percent.

A process to renew reinsurance for the National Flood Insurance Program (NFIP) could lead to expanded cover, but the Federal Emergency Management Agency (Fema) may be forced to pay a rate increase of 20 percent or more.

As insurers brace for potential claims from the Las Vegas shooting last month, it has emerged that AIG leads the MGM Resorts International excess casualty tower and also has a significant participation on the cover bought by entertainment company Live Nation.

Insurance is going to have to get sexier because even our most undemanding customers will soon demand it.

US casualty underwriters are confident of achieving rate increases of up to 10 percent in the early part of next year, as the market passes an inflection point prompted by a build-up of liability claims and the knock-on effect from 2017 earnings decimated by property cat losses.