All Hurricane Ian articles
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NewsHannover Re expects 2022 net income of €1.4 billion
The reinsurer has increased its net major-loss budget for 2023 to €1.725 billion
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Hesitant capital remains sidelined despite rating improvements - AM best
High levels of nat cat losses, coupled with rising inflation and geopolitical concerns, is denting appetite for property cat
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“Fingerprints of climate change” evident in 2022 nat cats
2022 is the fifth year since 2017 in which insurance losses have crossed the $100 billion threshold - Gallagher Re
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SCOR names Thierry Léger CEO as Laurent Rousseau resigns
Léger was most recently the chief underwriting officer of Swiss Re and is tasked with practising ‘strict risk management’
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Global nat cat losses surpassed $313 billion in 2022 - Aon
$132 billion was covered by insurance, revealing a 58% ‘protection gap’; Hurricane Ian was the most costly event of the year
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Swiss Re’s three renewals takeaways
Capacity conundrums, late negotiations, rate increases and tighter wordings all came into play at 1 January
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1/1 renewals put ‘stress’ on long-term relationships
There was an evident mismatch in demand and supply for property reinsurance as global capital fell by 17 percent - Aon
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Reinsurers’ underwriting margins to expand in 2023
Fitch believes some property catastrophe risks could become uninsurable as industry capital shrinks by 15%
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2022 nat cats set new records with $120 billion in claims
Hurricane Ian accounted for half of insured losses, making it the second most costly storm in history - Munich Re
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1/1 ‘down to the wire’ with possible reputational consequences
Areas of most constraint were peak-zone US property cat and coverage for war and SRCC, finds Gallagher Re’s 1st View
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1 January confirms dislocated reinsurance and retro markets
Some US buyers failed to fill their programmes as Howden describes one of the ‘hardest reinsurance markets in living memory’
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Florida reforms will offer relief to ‘dire situation’ - AM Best
New laws include the elimination of AoB. But reinsurance and ILS capacity will remain limited for some time
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Property rates set to soar 50% at 1/1 - Beazley
Beazley is ready to ‘step up’ at a time of market dislocation, says Treaty head Patrick Hartigan
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Bermuda reinsurers anticipate $13 billion in Ian claims
Total (re)insurance losses resulting from Hurricane Ian are expected to total between $50 billion and $75 billion
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Inflation and nat cats are creating ‘perfect storm’ at 1/1
A sharp reduction in available nat cat reinsurance capacity will make for a challenging renewal season - Clyde & Co
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Lloyd’s participants should “lean into” hard market - Tiernan
Market has “headroom” to grow its cat appetite and syndicates with ’capacity, capability and expertise’ should take advantage
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Mapfre Re boosts capacity to meet increased demand
Capital raise of €250m will help boost the reinsurer’s growth at a time of ’improved technical conditions’
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AM Best retains stable outlook on global reinsurance sector
Chief among the negative drivers is heightened natural catastrophe activity that continues to test investors’ risk tolerance levels
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Hurricane Ian drives 2022 nat cat losses to $115 billion
Ian is the second-costliest insured loss ever on sigma records after Hurricane Katrina in 2005 - Swiss Re Institute
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Mixed picture for global reinsurers’ YTD results
SCOR, Swiss Re and MS&AD experienced the most deterioration in combined ratios following Hurricane Ian - Gallagher Re
