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The carrier cited elevated cat and large-loss activity, including the LA wildfires. -
The forecast has increased since the early July update due to several additional factors.
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The carrier’s overall P&C combined ratio improved 1.8 points to 91.2%.
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Written premium increased by 31% to $2.41bn as top-line growth brought expense ratios down.
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AIG leads the all-risks cover and Axa XL is the hull war lead.
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California wildfires account for $40bn of the insured loss tally in H1.
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Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.
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Aviation reinsurance reserving issues will also be a broader focus for the market.
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The claim could add pressure to the hull war market after a recent High Court ruling.
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The CEO said business remains adequately priced in most classes.
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The carrier is reducing its exposure to quota shares and shifting to XoL.
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Millions are evacuating after one of the strongest earthquakes in modern history.
