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While significant, the fires are expected to be an earnings rather than a capital event for the industry, John Huff, CEO of the Association of Bermuda Insurers & Reinsurers, said. -
Admitted insurer withdrawals and rising demand are pushing more entrants into E&S.
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Aviation reserve strengthening added 10.1 points to the combined ratio.
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Four cat modelers have also submitted their tech for regulatory review.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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Hippo estimated its pre-tax cat loss from the LA wildfires at $42mn.
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As of February 14, the company received 405 claims.
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The London D&F market will shoulder most of the losses.
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The estimate is based on industry losses in the range of $35bn-$45bn.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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Berkshire Hathaway’s "float" rose to $171bn in 2024 from $169bn in 2023 as Buffett praised Geico’s Todd Combs.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
