Reinsurers
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The carrier can claim separately for the Palisades and Eaton fires if necessary. -
The carrier has received more than 3,600 claims from LA wildfires.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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In the US, pricing fell by 6.2% at the major renewal.
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Trends leading into 2025 may indicate workers’ comp releases have peaked.
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An 11th-hour softening has driven discounts into double-digit territory on some deals.
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The firm has commenced writing collateralized retro and reinsurance, but its rated launch is still pending.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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AIG launched an IPO of Corebridge Financial in September 2022.
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The carrier attributed the intensification of storms this season to climate change.
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