Reinsurance
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An estimated $6bn to $9bn will be ceded to the FHCF, and $6bn to $10bn to traditional reinsurance markets. -
The cost to the NFIP is likely to be a “mid to high single-digit-billion impact”.
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Setting aside the storm’s greater potential insured loss scale, the flood risk implies greater exposure.
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Contrary to expectations that US casualty would dominate the conversations, Milton took the spotlight.
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The figure does not include NFIP losses.
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The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
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The CUO said the market must not try to recreate the conditions of 20 years ago.
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Former Stable underwriters William Ormerod and Patrick Tear have also joined.
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Sources expect significant loss amplification in the claims that will come from Georgia, the Carolinas and Tennessee.
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Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown.
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The Corporation’s CUO said managing agents must ensure they manage the future differently to the past.
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Reinsurers will likely push for double-digit US premium rate increases.
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