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Two events comprised approximately 80% of the losses. -
Rainfall over the weekend was a “one-in-1,000-year” event, according to UCLA.
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A so-called atmospheric river effect is behind the severe weather.
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Cat losses and inflation weakened the company’s operating performance.
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Corvus reported a 34% rise in the number of active ransomware gangs.
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Over $1bn in claims had been paid as of November 30, 2023.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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More than three-quarters of the losses came from the firm’s UK&I line of business.
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Blandford noted that there is more willingness to deploy capacity compared to last year, a function of orderly January 1 renewals bringing in more capital and the absence of a major hurricane or wildfire in 2023.
