-
An increased frequency and severity of fires weigh on per-risk covers.
-
Covid-19 losses materially impact the property market, but the marine, aviation and transport segment returns to profit.
-
The industry association reports that about 29,213 claims have been received so far.
-
Firm order terms reveal an expectation from cedants of price increases between 5% and 10% on flood covers, in line with pricing momentum from 1.1.
-
Rate rises on wind covers are broadly in the 5%-10% range, running somewhat ahead of quake increases.
-
Aon has said it expects the economic cost of physical damage and business interruption caused by the polar vortex-linked cold snap to “well exceed $10bn”, in an Impact Forecasting report released on Thursday.
-
-
Nat cat and extreme weather claims have become more frequent and severe with hail, heavy rain and wildfires leading to significant losses.
-
Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
-
The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
-
Retro rates are at an eight-year high, according to the broker.
-
Key themes included new capacity, a more buoyant retro market than expected, drawn-out amendments to exclusionary wordings, and quota share demand.