Property cat
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Annual reviews of natural disaster activity highlighted drought – which can also heighten risk of fire and flood losses – as an increasingly important secondary peril. -
Exclusions and coverage changes absolutely make sense as a goal, but some wordings have thrown up additional risks.
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The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.
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The association has also set its one-in-100 PML at $4.45bn for the year.
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The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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Cedants are grappling with rising rates while coverage narrows.
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Cedants who came to market in Q4 settled for smaller tranche sizes in recognition of limited capacity.
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Plus this week’s executive moves and all the latest exclusives of the week.
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The outcome over the debate on narrowing cat reinsurance coverage will not be an all-or-nothing bet, with all perils deals with exclusions not a polar opposite of named perils coverage.
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