Re/insurers
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Most carriers paid more in homeowners’ claims than they collected in premiums. -
Year-end reserving, Milton and wildfires will dominate Q4 earnings discussions.
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New CEO Williamson will likely continue walking the hybrid path, with an emphasis on fixing US casualty.
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Most insurers outperformed the S&P 500 last year, but the trend is unlikely to continue.
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Investigators are homing in on the likely causes of the incidents.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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Moody’s also expects losses in the billions of dollars.
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Six fires now cover more than 27,000 acres across Southern California.
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Concern over rate adequacy remains, but reinsurers are delving deeper into data rather than walking away.
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The state insurer is budgeting for an extra 43% of overall coverage in 2025-26.
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TSR anticipates that next year will see an ACE value of 129 compared with the 30-year norm of 122.
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The market grew at a rate of 32% annually from 2017 to 2022.
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