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The storm is not expected to be a threat to the order of Jebi or Hagibis. -
Market sources are suggesting inflation could require a wider group of US cedants to buy $10bn-$20bn of additional cat coverage for 2023.
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The executive has over two decades of experience in the property underwriting sector, having worked for various carriers, including PartnerRe and RSA.
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Aon’s reinsurance solutions CEO, Andy Marcell, said the loss ratios of treaties managed by the brokerage firm performed “pretty well” in the past 10 years.
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The executive pointed at cyber and excess and surplus carrier Lexington as businesses that AIG was seeing rapid growth.
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The CEO noted that the company can participate in the property cat reinsurance market three out of every 10 to 12 years, given its approach to that class.
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Insured losses in 2021 alone hit $20bn.
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After the quietest start to hurricane season since 1997, weather experts forecast storm activities in the Atlantic to happen as early as this week.
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Less confidence in the ability of insureds to properly value property will make insurers seek to hedge concerns through coverage restrictions or rate increases.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Consumers expect broad inflation to be around 5% to 6% over the next year but return to pre-Covid levels in the medium term.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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