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Almost 300,000 people have been left without power from the storm. -
This loss number covers the property line of business.
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CEO Alex Maloney said the LA fires might prompt some carriers to go more “risk-off”.
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The London D&F market will shoulder most of the losses.
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The reinsurer pegged the market loss at $40bn.
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The steep reduction in quantum stands to benefit specialty excess of loss reinsurers.
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North America is likely to be the most financially impacted by the scenario, Lloyd’s said.
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Ascot Underwriting CEO Ian Thompson, who took the helm last summer, discussed emerging headwinds.
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The programme structure was expanded, but it is unclear what percentage was placed.
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Returns on capacity reduced, forecast at 4.4%-14.4%, have settled at 4.6%.
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Two major claims have prompted underwriters to question the sustainability of double-digit rate decreases.
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Plus, the latest people moves and all the top news of the week.
