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Competing forces of loss cost inflation and mixed rate action yield uneven trajectories for the largest commercial lines. -
European and Bermudian reinsurers are expected to be the most favorably affected by the current environment.
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Some 15 months on from the property reinsurance exit, he said the firm continued to reserve the right to reshape the portfolio.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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Some reinsurers are developing products and solutions for cedants’ newly retained risk under those higher attachment points, executives noted.
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It is more dependent on property, and its longevity is uncertain.
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Floridians will bear the brunt of Idalia's losses as a retention event, but reinsurers will reap the benefits of pricing.
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Karen Clark & Company said the majority of insured losses will incur from US wind and storm surge damage, apart from just under $5mn which was attributed to winds across the Caribbean.
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