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The latest loss figure has climbed by more than $300mn in the past year as the pandemic has delayed clean-up operations. -
The modeller said it is “likely” that the number of claims could exceed the high of Hurricane Harvey in 2017.
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Huge uncertainty reigns over the ultimate size of the loss, the full extent of which will take months to play out.
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The vast majority of the losses come from BI, with other losses stemming from life, travel and event cancellation.
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ARPC said the move improves the pool’s capital strength.
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The veteran risk modeller says claims will be driven by the combination of anomalous temperatures that are well below average in a region unprepared for such a sudden freeze.
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The large number of “unwinterised” assets in the north of the state could lead to a slew of claims.
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Market sources report an uptick in competition to secure accounts as clients sought optimum deals in a challenging market.
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The nature of the event means that more losses may take time to emerge.
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The climate forecaster claims that the underlying assumption may be faulty.
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The EU’s chief insurance supervisor advocates adding on pandemic to existing national schemes.
