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The upward revision reflected significantly increased industry expectations, it said. -
European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.
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The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.
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The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.
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The broker CEO said this went against a “core premise” of the industry which was the absorption of such volatility.
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The flooding in the northeast increases scope for commercial lines and auto losses.
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The fire has burned through more than 215,400 acres and spread across the counties of El Dorado and Amador.
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The modeller excluded precipitation-induced flood losses from its estimate, which comes in above the $18bn from KCC.
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The insurance association said the two events would make 2021 the worst year for German losses since the 1970s.
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“It's at the five- and 20-year return periods where insurers have to start looking and be worried about making sure these models capture these events,” Clark told this publication in an interview.
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The carriers with the largest Louisiana market shares also ceded more than $100mn to Lloyd’s syndicates during 2020.
