Losses

The event may be more evenly split between insurers and reinsurers due to its impact on Florida's border counties. 

The ratings agency says 2020 is already the third-highest year for California wildfire insured losses.

The insurer could have total gross losses of more than EUR500mn, according to a French publication.

The carrier predicts fewer than one third of its 34,000 UK BI policies could be impacted by the judgment.

Reports from operators suggest minimal damage to assets, most of which will be covered by retentions. 

Meanwhile, in neighboring California, the largest wildfire, the August Complex, has burnt 755,603 acres of land.

Wind and hail-related property damage is expected to be covered, but a “sizable portion” of crop losses may not be.

Record heat, dry conditions and strong winds have helped wildfires spread, Aon said.

Retro drawback and concerns over performance in some lines will temper some expansion, say execs.

The property segment swings £1bn into the red from a small profit a year earlier.

The typhoon was far less destructive than early forecasts suggested, according to claims-adjusting firm Sedgwick.

The ratings agency says reinsurance resilience is “starting to crack”.