Swiss Re
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The two biggest reinsurers are said to be taking up a leadership role as the market starts to address the T&Cs challenge. -
The insurer could have total gross losses of more than EUR500mn, according to a French publication.
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Cyber crime and other potential system hazards should be proactively addressed.
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The “conservative” figure includes $1.2bn of new engineering cover as facilities are built as well as $9bn of commercial insurance for when they are up and running.
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The industry is not yet in a hard market, said group CUO Thierry Léger.
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Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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The market value for grounded planes in the US is around $70bn, presenting increased natural catastrophe risk.
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The top 10 carriers continue to write the lion’s share of global premiums.
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The collaboration is the latest signal of big tech’s growing interest in the insurance sector.
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Waterdrop has been valued at nearly $2bn in the funding round.
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P&C premiums contracted only briefly in February, the reinsurer’s data shows.
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If Hurricane Katrina were to hit the US in 2020 privately insured losses could reach $65bn, up from $41bn 15 years ago.
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