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The worst of the damage was experienced in Brest, northwest France.
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Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.
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Last year’s APCIA took place during the post-Hurricane Ian stand-off, but despite the greater calm and certainty surrounding the run-up to this year’s 1 January renewal, there are several key themes to be debated at the event.
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Severe convective storms accounted for roughly 70% of global insured losses between January and September this year, compared to an average of 34%
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The storm caused significant wind damage and flooding across parts of Scotland and England.
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Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets.
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Verisk said the majority of the insured losses can be attributed to wind damage.
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The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
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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.