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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
Carriers have announced significant exposure reductions in the state this year.
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Following the 2017 Tubbs Fire and the 2018 Camp and Woolsey fires, insurers cumulatively paid out more than twice as much in claims and expenses as they collected in premiums for both years.
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Besides Vesttoo’s downfall, other hot topics during this year’s WSIA were talent, competition in the E&S sector and commercial auto.
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In addition to price, E&S insurers need to pay close attention to terms and conditions, as well as quality of risk.
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Secondary perils are adding uncertainty, while modelling is still relatively unsophisticated.
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The average loss for the six-month period was $365,000, which represents a 117% increase year on year and a 61% increase from H2 2022.
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The capacity deal is slated for deals with 10/1 effective dates and beyond.
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A typical cat year should now be thought of more as a $100bn-$150bn potential loss, as volatility leads to surplus lines growth.
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A recent Microsoft/Rackspace Technology survey on cybersecurity has insurers expressing less concern over security risks posed by artificial intelligence than other respondents.
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Insureds that have taken higher retentions or less limit due to increased cost could be exposed this year if there is a major cat event, according to Swiss Re’s Kyle Burnett.
