Swiss Re

The decision to align across business units had removed the need for the regional presidents' roles, the company said.

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.

AM Best said market hardening was likely to continue through 2024, given global market conditions.

A total of 10 events caused more than $1bn in losses each.

The industry’s ROE is expected to reach 8% in 2023 and 9.5% in 2024, up from 2.5% in 2022.

The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.

The report outlined 17 recurring and emerging risks (re)insurers should be aware of.

Inside P&C’s news team runs you through the key highlights of the week.

The comment comes after major US carriers pulled back from new business in wildfire-prone California.

He will join the North America regional management team, in addition to continuing to serve as a member of the company’s Canada management team.

Katie McGrath said the insurer continues to be deliberate in decision-making amid market opportunity.

Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.