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Only a matter of months ago “social inflation” sounded slightly arcane. It has since become the industry’s main preoccupation.
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Since December we have been stressing that the major fourth-quarter results story is likely to be reserve charges taken by carriers that write US casualty books.
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More claims are expected to be lodged by homeowners as they inspect damage this week.
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Only FI, international property fac, marine and cat reinsurance teams are still writing. -
No loss was large enough to breach the per-occurrence limits of the carrier’s reinsurance treaties.
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The carrier’s CFO pledges tighter risk selection following December’s profit warning, but no major pullbacks.
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Wildfires, tornadoes and civil unrest in Hong Kong and Chile contributed to losses.
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The lagging loss tally has risen 35 percent in the past week.
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A 6.4-magnitude earthquake last Tuesday triggered widespread blackouts on the crisis-battered island.
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Bushfire losses mount, and as does the likelihood that other Lloyd's businesses will follow Neon into run-off.
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The insured loss total is more than one third down on the 2018 tally of $80bn.
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Heavy insured losses are unlikely because of scant earthquake coverage in the region, according to Fitch.
