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The reinsurer is planning to drop its cession rate from 40% to 30%-35%. -
Flash flooding in Spain has killed at least 64 people, leaving thousands of homes without power.
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Bullying and sexual harassment were the most commonly reported incidents.
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Aon executive Daniele de Bosini said reinforced infrastructure had mitigated the impact of recent disaster events.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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More public-private partnerships are needed to keep cat risk affordable.
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The carrier highlighted Italian and French hail events in recent years.
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The estimate includes private cover for residential, commercial and industrial property.
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The ratings agency said the upgrade reflects an improvement in GIC Re’s balance-sheet strength.
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With the storm’s losses looking more favourable, questions over rates and gross/net strategies will arise.
