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The ratings agency also said economic and insured losses caused by Otis have reached $16bn. -
More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
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The economic losses from the event are expected to exceed $10bn, the report added.
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Climate change is still the number one area of concern, a study found.
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The October 2022 event brought heavy rainfall, mainly affecting Victoria.
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Videos and messages posted to social media show widespread devastation caused by the Category 5 hurricane.
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Flights had been suspended into Acapulco after the storm rapidly intensified and made landfall at Category 5 strength.
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By region, convective storms in the US alone accounted for 60% of global insured losses.
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Italy’s largest insurer has booked EUR840mn in cat losses for the nine months to 30 September.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
