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Several airlines priced down around time of the Jeju and American Airlines aviation crashes. -
Reinsurers on portfolios with longer-tail liabilities may withdraw.
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The carrier reported cat price reductions of 5.4% at the January renewals.
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The carrier reported expansion in financial lines and marine.
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EGPI growth at the carrier’s Alternative Solutions unit jumped 29.6%.
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Non-proportional business accounted for 34% of its total.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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The broker said the market had entered a ‘new normal’ after $2bn+ losses
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It has been a “good” bad renewal for cat reinsurers, with attachments likely to endure in the medium term.
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Innovation will become more important to sustain strong results absent pricing tailwinds.
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Many cedants secured aggregate and subsequent coverage at 1 January.
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The carrier said reinsurance was a key component of its “low-volatility strategy”.
