insurance

At the fast-approaching June 1st reinsurance renewals, Florida focused insurance carriers are facing a “no-win situation”, with rate increases of as much as 50% expected, according to ALIRT Insurance Research.

During the first-quarter of 2023, RenaissanceRe saw its third-party capital assets under management (AUM) dedicated to property and casualty reinsurance business rise by $400 million, with the total reaching a new high of $6.6 billion in assets managed, at March 31st.

The Northwest Pacific typhoon season is forecast to see above-normal levels of storm activity in 2023, with 13 intense typhoons predicted by Tropical Storm Risk (TSR).

New Zealand based insurance company Tower Limited has updated its loss estimates for the local severe flooding and cyclone Gabrielle, now believing it could make reinsurance recoveries of as much as $276 million for the two events.

Speaking with Artemis in a recent video interview, Jorge Familiar, Vice President and Treasurer of the World Bank explained that client country demand for catastrophe bonds and risk management arrangements will likely rise, while he also expects that markets will be there to support these issuances.

Florida’s property insurance carriers face a challenging final few weeks up to their main reinsurance renewal and some insurers are taking steps to lower their exposure through the restriction of coverage, or availability of their policies, we’re told.

If one were to look back at historical data on hurricane season years that feature a relatively strong El Niño and at the same time very warm Atlantic sea surface temperatures (SST’s), this might suggest a chance of fewer hurricane landfalls in the United States, and as a result fewer insurance and reinsurance market losses.

PERILS AG has hiked its insurance and reinsurance market industry loss estimate for the recent Kahramanmaras Earthquake Sequence that struck Turkey and Syria in February 2023 by a significant 32%, with the estimate now at almost US $4.5 billion.

The property catastrophe reinsurance market is “in a very attractive phase” and, for RenaissanceRe, reinsurance as a whole is currently seen as more attractive right now, with its CEO Kevin O’Donnell saying he expects this to be the case for the foreseeable future.

The insurance and reinsurance industry loss estimate for this year’s severe flooding that affected the Auckland region of the North Island of New Zealand, has been raised by just over 6% to almost NZ $1.76 billion, by catastrophe data aggregator PERILS AG.