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The insurer acknowledged additional claims in 2025 would be “reasonably possible”. -
The CMC will categorise cyber events that have a potential financial impact of £100mn+.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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The carrier has been reducing its presence in the state since 2007.
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The carrier’s Eaton Fire loss would be a retained net loss hit.
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At 1 January renewals, prices dropped 5%-15% for loss-free programmes.
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Aviation premiums have been described as “woefully inadequate” considering rising liability losses.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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The council has begun gathering data to assess the insurance impact.
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The company’s reinsurance business also has some exposure, the executive said.
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This follows a ruling to declass the representative proceeding filed against IAL.
