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The March 13-16 storms would mark the first billion-dollar US SCS event of the year. -
The syndicate achieved a profit despite a “relatively heavy” catastrophe year.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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The MGA’s GWP hit $4.6bn as the CEO labelled aviation all-risks rates “woefully inadequate”.
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Sources warned some property XoL books are already running 50% loss ratios.
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The insurance industry has experienced mounting losses from severe convective storms.
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Some of the Big Four are slowing growth as the market softens.
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Of the 178 passengers and crew on board, no serious injuries have been reported.
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Plus, the latest people moves and all the top news of the week.
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The carrier was seeking to expand its 1 March-renewing programme.
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Reinsurers’ hopes that LA wildfires will slow 1.4 softening are in question.
