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The comparatively small line of business accounted for almost half of gross Covid-19 losses. -
The carrier reported a combined ratio of 104.5% but said there were opportunities ahead in 2021.
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The carrier posts a combined ratio of 112.3% and a 26% reduction in premiums.
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MS Amlin Syndicate 2001 fell to a loss of £178.1mn ($244.9mn) for 2020 following a £136.0mn net hit from Covid-19 and a string of natural catastrophe losses.
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Covid-19 losses accounted for 60% of the major claims, with the rest attributable to catastrophe events.
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The event will further erode the deductible in the group’s aggregate excess of loss reinsurance programme.
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The loss is steering more towards a personal lines event, with loss notifications leading to more optimism amongst reinsurers.
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Containership Ever Given is lodged in the waterway, and sources said that the largest impact is expected to be felt by the P&I market.
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The tally so far comes in far below the broker’s year-ago estimate of $80bn for a twelve-month lockdown.
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Uncertainty reigns over the scale of the loss, but the collapse has triggered market conversations on terms and conditions, rates and reform.
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Heavy rains have caused the worst flooding in 60 years and resulted in mass evacuations.
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Carriers have received around 11,700 claims so far, with disruption to activity at the coal export hub of Newcastle.
