Property cat
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market. -
The carrier’s move to cement its identity as a specialty (re)insurer could put it at a competitive disadvantage.
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The forecast range of hurricanes is slightly wider than in 2021, but in line with 2020.
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The commercial insurance CEO said that the industry should act now before the cat market reached a point of implosion.
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The proposal is at the upper end of previous proposals put to the insurer’s board.
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An FCA letter to the government suggests various ways to resolve issues around soaring pricing on medium- and high-rise properties with multiple occupancy.
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The carrier has extended the limit to $1.275bn for the year to 31 March 2023.
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The ratings agency said a high degree of uncertainty around ultimate exposure is likely to be long-lasting and will fuel rate strengthening in affected lines.
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European storms have inflicted heavy claims on insurers in recent years.
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The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
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The nat cat loss aggregator said the Q1 event was the “largest flood loss on record” for the Australian insurance industry.
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The carriers have placed a legally binding cat excess-of-loss reinsurance contract using B3i’s platform.
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