All Property Catastrophe articles
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NewsMunich Re ups 2023 outlook with P&C-driven Q3 profit
The world’s biggest reinsurer reported a net profit of €1.2bn for the third quarter of 2023, with major-loss expenditure in P&C reinsurance slightly below average.
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NewsUpward pricing momentum continues, reinsurers “shouldn’t forget” previous years – Ariel Re
For this week’s reinsurance meeting in Baden-Baden, property underwriters for Ariel Re are upbeat about continued hard market pricing.
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NewsIdalia: Moody’s RMS provides $3.5bn insured loss estimate; versus $2.5-4bn Verisk figure
The first major hurricane landfall in Florida’s Big Bend since records began in 1842, Idalia could have been much worse had it taken a different track or not weakened before landfall.
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NewsIdalia impact limited by low population area landfall - Moody’s RMS
Florida’s Big-Bend coastal area is sparsely populated, reducing the impact of Hurricane Idalia, while inland losses are expected to be less than last year’s Hurricane Ian.
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NewsBeazley: A line in the sand
Beazley’s Patrick Hartigan writes on the increased frequency of extreme weather and the need for adequate pricing for the many climate change linked secondary perils hitting re/insurance markets.
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News2022 fourth-costliest year on record for cat losses – S&P
A new report on catastrophe risk appetite among global reinsurers has found last year to be the fourth-costliest on record for annual global insured catastrophe losses.
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NewsHawaii wildfires: Moody’s RMS estimates insured property loss of $2.5-4bn
Most losses are expected to be from the town of Lahaina, which sustained catastrophic urban fires for 12 hours and destroyed almost 2,200 structures. Around 75% of the economic loss is expected to be insured, the cat modeller thinks.
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NewsStorms are getting stronger – Lockton Re climate study
Reinsurance broker Lockton Re has published a report on climate change and hurricane trends.
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NewsSCOR rebalances book during ‘best market in decades’
Reinsurer further reduces exposure to natural catastrophe risks by 14% at 1 January
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NewsRMS: Turkey earthquake largest in 84 years
Tragedy is a reminder that resilience is the main defense against such powerful seismic events
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NewsArcadian Risk Capital and Aviva in multi-year property binder
The target portfolio will be worldwide industrial and commercial property, mostly written on an excess-of-loss basis
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NewsFema cuts NFIP reinsurance programme for 2023
Its reinsurance placement has halved to $500m, amid hardening rates and diminishing capacity
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News1 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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NewsLloyd’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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NewsMapfre 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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NewsAxis Capital reports Q3 net loss of $17m
Results are ‘further validation’ that reducing exposure to catastrophe business was the right strategy - Benchimol
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NewsProperty cat retrenchment is improving market ‘stability’
Most large European players remain committed to cat business, but are moving away from lower layers of protection - AM Best
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NewsAvoid sensationalist renewal headlines - Tom Wakefield
Clients are leaving Monte Carlo feeling more confident about what they can get done, says Gallagher Re UK boss
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NewsAriel Re: It’s time to stop selling Ferraris at Ford pricing
Reinsurer’s Joel Willens expects to see a further reduction in appetite for property cat going into the renewal season
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NewsCyber newcos are seeding the pipeline, reveals AM Best
There is significant opportunity to innovate as the risk landscape evolves, but reinsurers are taking a more conservative approach to risk