Property cat

The decision marks a further withdrawal of delegated authority capacity, particularly for US property, from London carriers.

The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.

Hot and dry weather conditions increase the challenges as Dixie and Caldor near full containment.

The founder said that taking a perpetual ownership approach rather than having an eye on exits would create better underwriting returns.

The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.

The modelling firm’s wind and surge losses remain at $17bn-$25bn.

Recently one of my colleagues argued that it was time for a “bonfire of PMLs”, as the past five years have shown that the industry has seriously underpriced the kind of $10bn-$20bn loss events that have been happening since Harvey, Irma and Maria landed in 2017.

“We can't lose sight of the fact that we are in the business of actually mitigating risk,” the executive said in an interview with Inside P&C.

Plus all the highlights from the Reconnect conference and the week’s top news.

Ongoing high claims from risks such as winter storm, wildfire or convective storm are playing into the climate-change debate over whether and to what extent cat reinsurers are mispricing their business.

The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.

The quake caused building damage and downed power lines, leaving at least one person dead.